Maybank Investment Banking Group (Maybank IBG) renewed its commitment to help develop Cambodia’s securities industry with the latest Memorandum of Understanding (MoU) signing with the Securities and Exchange Regulator of Cambodia (SERC).
The MoU continues the Cooperation and Technical Assistance Framework designed to facilitate capacity building, exchange of regulatory expertise and technical knowledge to facilitate and further encourage the development of the country’s capital market.
Director-General of the SERC, H.E. Sou Socheat said, “This MOU signifies the trusted relationship between both parties. The Cambodian securities industry is in the early stages and gradually developing. Therefore, we are confident our cooperation with Maybank IBG will bring long-term benefits in the form of industry knowledge transfer and product development expertise, especially in gaining experience and innovation in the supervision of the Collective Investment Scheme market. This new market will be launched in 2023.”
Maybank IBG CEO, Michael Oh-Lau commented, “We believe investors’ demand for innovative investment solutions will grow as the number of affluent and sophisticated investors in the country continues to rise. As a member of ASEAN’s fourth largest banking group by assets, we are delighted to be given the opportunity to bring our depth of experience to this partnership. We remain committed to supporting the SERC in developing the capital market in Cambodia. This cooperation brings to life Maybank’s mission of Humanising Financial Services.”
The event witnessed the signing of the MOU between Maybank IBG, represented by Michael Oh-Lau, Chief Executive Officer and SERC, represented by H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General. Also present at the ceremony were Securities Industry Development Corporation CEO, Tengku Zarina Tengku Chik, Maybank Cambodia CEO, Rath Sophoan, senior management of Maybank, Cambodia Securities Exchange (CSX), and representatives from Regulators and Units under the Non-Bank Financial Services Authority (FSA), General Secretariat of FSA, and other media partners.
Maybank IBG is a member of Maybank which has been recognised by Asiamoney as the ‘Best International Bank in Cambodia’ for three years in a row. Maybank first set base in Cambodia three decades ago and to date, has expanded its reach to 21 branches throughout the country.
Maybank IBG extends their support and expertise to help accelerate the growth of Cambodia’s capital market and contribute towards the country’s economic growth.
The new two-year MOU will see both parties continue collaborating in all areas of capital market development, sharing of best practices and standards in areas such as risk management, legal framework, corporate governance and compliance, digitisation, wealth management, product development and standardised reporting systems for finance and accounting.
