PhillipCapital is looking to open a business in Cambodia’s securities market, according to officials.
The business will involve non-banking financial services that include securities, trusts, insurance, audition and accounting as well as social security, says Phillip Bank’s CEO Chan Mach in an article by Cambodia’s English-language newspaper, Khmer Times.
According to the paper, the interest came after a meeting held between officials of the Securities and Exchange Regulator of Cambodia (SERC) and PhillipCapital last week.
PhillipCapital chairman Lim Hua Min, who was at the meeting, was said to be keen on opening a company that will be operated as an investment fund or fund management in addition to Phillip Bank Plc, Phillip Life Assurance (Cambodia) Plc and Phillip General Insurance (Cambodia) Plc, says a senior official.
Phillip Bank’s CEO Mach added that Lim had experience in investing in the stock market, but that he did not know when the company will be set up.
In a report by PhillipCapital, Lim said that Cambodia’s economy is expected to be “more promising” this year with the reopening of the boders and the government pushing the tourism sector in various places including Siem Reap and Preah Sihanouk provinces.
See also: New World Development’s CEO Eric Ma to leave after two months in succession saga twist
“As the situation gets better, PhillipBank will continue to support every Cambodian by providing convenient financial products and services that will help improve their day-to-day business and growth,” says Lim, adding that the bank generated US$14.84 million ($20.82 million) of profit before tax and US$69.63 million operating revenue for 2021.
