Cambodian Business & Tech News Brief on 23-24 Jun 2021

Here are the compilation of the news brief about business and technology in Cambodia from various news outlets, published on 23-24 June 2021. You can stay informed with me by joining our Telegram channel.

List of Key News Brief on Business and Technology in Cambodia 22 June 2021

1. GFX offers from 20% to 30% return to investors

GFX offered to return 30% of the amount lost to victims who invested less than $1,000 and 20 percent to those who entrusted the company with more.

While other investors rejected the offer, about 50 people had accepted the offer as of noon yesterday, claimed a GFX staff member who asked to remain anonymous. Sources: KhmerTimes (PDF)

2. World Bank optimistic about economy

The Cambodian recovery is beginning to take shape with the World Bank projecting that the economy will “expand moderately in the short-term”.

The Kingdom’s economy contracted 3.1% last year and is forecast to grow by 4% this year under baseline conditions, according to the World Bank. Economic growth will be buoyed by increased domestic investment, vaccination efforts and fiscal stimulus, the global body said in its biannual country report. Sources: KhmerTimes (PDF)

3. Bakong digital payment app uptake proving slower than hoped

Bakong, Cambodia’s first integrated payment system, was launched last year, to allow customers to perform a number of functions, such as using an e-wallet and making mobile payments, online transactions and financial applications all from a single app. While the Coronavirus outbreak has helped to increase the use of digital payments in general, the uptake of the Bakong digital payment platform app is slow.

The National Bank of Cambodia has been pushing customers and retailers to make use of e-wallets and payment apps, including Bakong, to help prevent the spread of Covid-19. The World Health Organization has been advising people to people to wash their hands thoroughly after handling money particularly before eating food. Sources: KhmerTimes (PDF)

4. Cambodia, China agree to boost transport development cooperation

Cambodia has sought assistance from China in human resources development of infrastructure skills. The agreement was made during a virtual meeting held yesterday between the Senior Minister and Minister of Public Works and Transport Sun Chanthol and the Chinese counterpart Li Xiaopeng.

Chanthol briefed his counterpart on the progress of the $2 billion expressway connecting Phnom Penh and Sihanoukville. The road is currently 55 percent built and is scheduled for an early completion in September 2022, ahead of the original deadline slated for 2023.

Regarding the building of a bridge crossing the Mekong River that will connect Kratie and Kampong Thom provinces, Chanthol said it will be funded by a concessional loan from China. The Chinese government has also agreed to help construct the road section from Stung Treng province to the border with Laos, classifying it as ASEAN highway number 11, Chanthol said. Sources: KhmerTimes (PDF)

5. Japanese exports to Cambodia surge

Shipments of goods from Japan to Cambodia jumped by more than one third in the first four months of the year as stimulus spending and higher demand increased calls for foreign goods.

Citing the Global Trade Atlas, the Japan External Trade Organisation (JETRO) said exports from January to April rose to $204.046 million, 34.8 percent higher than the same period a year earlier.

Japanese exports to the Kingdom include machinery, automobiles, electronics, furniture, fabrics and plastics. Cambodia exports to Japan include textiles, footwear, furniture, office equipment, leather goods, cosmetics, paper, and steel. Sources: KhmerTimes (PDF)

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