With the stock market launch set for next year, Cambodians are being
offered their first chance to obtain accreditation to trade currencies online
University students in Phnom Penh. A local course aims to train more Cambodians in preparation for the stock exchange launch.
CAMBODIA'S first online currency trading course is being offered in preparation for next year's proposed stock market launch, a company representative told the Post.
The financial services firm Phnom Penh Trust Asset Management Company (PPTAM) is offering the course, which it says has already seen more than 300 Cambodians obtain certification.
Som Sovann, assistant to the general manager of PPTAM, said Cambodian and Chinese financial experts have led the course, which began last month.
"We opened a one-month course in the hopes that it would prepare Cambodians for the financial sector," Som Sovann said. "The financial knowledge base in Cambodia is still lower than in neighbouring countries, especially in online investing knowledge."
PPTAM was registered in Cambodia in 2007 after taking over the Seattle, Washington-based Capital Time Finance Ltd.
The US$7.6 billion company offers a full range of financial services, from investment banking to product research, Som Sovann said.
He said anyone interested in trading online must deposit $10,000 in any Cambodian bank and register with PPTAM to acquire an account in the US to trade on international markets.
The financial knowledge base in Cambodia is still lower
The company provides software to clients as well as investment documents for online trading and research.
PPTAM serves only as a broker and charges $15 per online trade, the spokesman added.
After completing the company's online training course, graduates will be able to invest online independently and evaluate fluctuations in international currencies and assess risk, Som Sovann said.
The company has already recruited an additional 300 candidates interested in the investment program, Som Sovann said. Most of the candidates are from financial institutions and private companies.
Pheang Zhu, the owner of a private transportation company in Phnom Penh who took the course, said the school offered her first opportunity to learn about foreign currency exchange.
She said the rapid changes in foreign currency values allowed students to learn first-hand how international economies work.
"This course will be a bridge for Cambodians to understand the stock exchange when it comes next year," she said.
"If people don't understand how markets work, they will be afraid to try it."
Independent economist Sok Sina said the course offered a valuable service because most Cambodians had limited financial knowledge.
He said that the course could not prepare students completely for the complexities of a fully functioning stock market but would be an important step towards laying a foundation.