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Public urged to avoid informal and illegal financial service providers

The National Bank of Cambodia (NBC) and the General Commissariat of National Police have again called on the public to utilise formal financial service providers licenced by the government, not the informal and unlicensed ones.The urge was highlighted in a joint statement between NBC and the General Commissariat of National Police released recently.Legal financial service providers include authorised commercial and specialised banks, micro-finance institutions, financial leasing companies, payment service providers, and rural credit institutions.The notification followed an observation of emerging advertisement mobile phone, social media, and other online platforms for informal financial service provision, especially loans.Calling them anarchical and illegal services, the statement underlined it is misleading the public and hampering the economy and society.Those loans charge very high interest rates along with intimidation and exploitative contracts threatening people’s livelihood due to over-indebtedness.It eventually implicates financial stability, public trust, financial inclusion and development of banking system in Cambodia at large, it added.The NBC and the national police also encouraged the public to report any suspected informal and illegal financial service provider through the contacts listed in the statement. AKP-Lim Nary

Leading School Operators Listed on Cambodian Stock Exchange

On Wednesday, Meng Ly J, a private school operator. Kouch Education Case CSX debuted on the Cambodia Securities Exchange (CSX) after an official IPO with a total issuance volume of approximately $ 5 million.Meng Ly J. Kouch Education Case CC, one of the leading private school operators in Cambodia, has become the 11th listed company to officially list its securities on the Cambodian Stock Exchange.The company has 9,966,127 shares, each of which is worth 2,080 riels (according to the company\'s press release submitted to CSX.) $ 5 million.Duke Dr. Kouch Mengly, Founder and CEO of Mengly JSC. \"We currently have 16 branches with more than 20,000 students,\" said Kouch Education CMC. \"The proceeds from the listing will be used to establish more branches.\"He said 2,297 investors had bought the company\'s equity.Hong Sochua, CEO of CSX, said that CSX has registered a total of 20 companies, of which 11 are listed as shareholders and nine are listed as corporate bonds, raising a total capital of more than $ 300 million. .He added that so far about 40,000 investors have opened stock trading accounts on the CSX.CSX was established in 2012 as a joint venture between the Cambodian government with a 55% stake and the Korean Exchange with a 45% stake. Xinhua

Nine investment projects have been issued registration certificates, creating about 14,000 jobs.

The Council for the Development of Cambodia has issued registration certificates for nine new investment projects, creating a total of 13,849 job opportunities.According to a press release issued by the Council for the Development of Cambodia yesterday, the registered projects amount to $ 54.8 million. The project is located in Kampong Speu, Takeo, Svay Rieng and Kandal and Phnom Penh.The new projects will include kitchen appliances, lamps, bags, shoes, clothes, molds and packaging paper and cardboard.In addition, the special economic zone in Svay Rieng province will have a bicycle and e-bicycle factory, along with a project to produce electrical equipment.Last week, the Council for the Development of Cambodia gave the green light to six more investment projects with a total capital of $ 163.5 million in Phnom Penh; Kratie, Svay Rieng and Sihanoukville provinces.The project is expected to create more than 3,000 new jobs, producing car tires, metal and plastic jewelry, decorative accessories, lamps, glue, paint and more. AKP

Development of the Accounting and Auditing Profession

H.E. Sok Siphana with Mr. Senaka Fernando,  MBE, ACA, CPA Head of ACCA Cambodia and the Chairman of Board Director – FUNAN Consulting Co., Ltd.