An offshore financial services provider aiming to cater to expatriates in Cambodia hopes to tap into a market that has had its share of fly-by-night operators.
Tag Wealth International, a subsidiary of the Australia-based Tag Group, began operations last month, offering advice in areas such as life insurance, income protection, retirement planning and offshore banking.
“We have partnered with a range of offshore product providers such as Generali, Hansard, Royal London 360, William Russell and Standard Bank to provide an extensive range of investment vehicles and insurance covers,” Tag Wealth International director Andrew Willard said.
The company’s office, in Phnom Penh, hoped to prevent clients being poorly informed by financial advisers who flew in and out of the country, Willard said.
A senior consultant with another expat financial services provider said that having one more local company would benefit consumers.
“At the moment, a lot of advisers are based in Thailand and Korea.
They come in to do business, then leave — so it’s good if someone here will actually be accessible to their clients,” Paul Dodd, a senior financial consultant with Malaysia-based Infinity, which has had an office in Cambodia for seven years, said.
To contact the reporter on this story: Low Wei Xiang at [email protected]