The Cambodian Public Bank Plc on Wednesday was officially recognised as acting as a cash settlement agent in the local stock market.
A cash settlement agent is subjected to settling the completion of a transaction, wherein the seller transfers securities or financial instruments to the buyer and the buyer transfers money to the seller.
Agents are accredited and admitted by the Securities and Exchange Commission of Cambodia, the security regulator and the Cambodia Securities Exchange. The bank will contribute to the progress of the securities market.
Datuk Phan Ying Tong, regional head of Indo-China operations, Cambodian Public Bank Plc, said he is confident that the bank will be able to play an instrumental role to promote financial inclusion by educating customers in the long-term benefits of investing their money in the capital market.
“As a cash settlement agent, Cambodian Public Bank would capitalise on its synergy with Campu Securities Plc in order to promote the securities trading to our customers and to reach out to our large customer base through our wide network branches,” he said.