[kaspa80]

Originally Posted by Faidenk

I don't doubt that, bro. You see, among the friends I know here, I am the 'baby', having stayed only 2 years +. It's nothing to be proud nor ashamed of, it's just a passage of time.

2 years ago, not long after I arrived, the Asian Bank of Asia (ABA) Bank of offering something like 12% for a year's FD. I should have plonked my money in there, but its having roots in some ex-Soviet country (is it Kazakstan?), I decided otherwise. Bad choice.

Having said that, the fact is that the banking industry here is very loosely regulated. Rumors, and these are just rumors, has it that most banks here are too thinly capitalized, well below international levels. Many banks are said to be owned by triads from Japan, Korea, Taiwan and obscure countries.

How many of you heard of Singapore Banking Corporation here in Phnom Penh? Or HuangDBS, supposed backed by HuangDBS, Malaysia, and DBS, Singapore? Why is it only proxy banks and not a single bonafide Singapore banks is present in Cambodia, given that most of Malaysia's (Maybank, Public Bank, CIMB) are?

Rumors, again, are the Cambodians took offense when Singapore, under pressure from the US, told the Cambos to park their (ill-gotten?) money elsewhere many years ago. Mahathir,on the other hand, welcomed them with open arms and thus gained the foothold in Cambodia they now have. It may also explain why relations between the SG & KH remains oh so lukewarm.

Yep I was there in 2005 to about 2009 when the land price started crashing. Make a bit then on some land speculation but spend it mostly on entertainment. ABA Bank is owned by the same owners of Applifone before they sold it out. Yes, they are from Kazakstan and in my personal opinion, not so safe to put money there. I find Acleda pretty reputable with quarterly financial announcements made. As for Hwang Dbs, it was not DBS that wanted to open the bank there but rather the owner of Hwang Securities in Penang. So, the bank probably has some support from DBS but not much. The owner just passed away and the son is looking to sell Hwang DBS currently. Even Singapore Banking Corporation has been bought by a Taiwanese Bank is I am not mistaken. Used to be owned by Singapore owners, Andy. Of course, the safest place to put your money would be Public Bank or Maybank but the interest offered is so much less. Do explore putting your funds in Hatta or Sathaphana..they offer daily rates at 4% per annum and credited monthly. Easier to take out that way. Used to do that. Take care bro.