AmCham In The News

Chea Ratha, Under Secretary of State for the Ministry of Industry, Science, Technology and Innovation, emphasized the government’s commitment towards boosting women’s digital literacy. Speaking at a panel discussion titled: “Digital Inclusion: Empowering Women and Overcoming Divides” hosted by AmCham Cambodia.

The American Chamber of Commerce in Cambodia (AmCham Cambodia) hosted its first-ever forum on bancassurance, which saw an impressive turnout of nearly 200 people representing almost 60 companies from the banking and insurance sectors. Bancassurance is a financial synergy between banks and insurance companies, which has the potential to transform Cambodia’s insurance industry by making it more accessible to all.

Bancassurance is playing a key role in the growth of Cambodia’s insurance market as it accounted for 40 percent of the total sales in 2022, said Bou Chanphirou, Director General of the Insurance Regulation of Cambodia (IRC), recently. While giving the keynote remarks at the forum on ‘The Role of Bancassurance in Cambodia and the Region,’ organised by the American Chamber of Commerce in Cambodia (AmCham) at Raffles Hotel Le Royal in Phnom Penh on Wednesday evening, Chanphirou said the Kingdom’s gross insurance premium reached more than $330 million in 2022, registering a 10 percent rise compared to 2021 and that the banking sector played a key role in achieving this growth.

Despite the political strains, economic ties between Cambodia and the United States remained strong over the years with the latter having the largest share of Cambodian exports hovering around 40 percent. The American Chamber of Commerce in Cambodia (AmCham) has played a key role in strengthening these ties which its new President Devin Barta called as ‘something very important for Cambodia.’

The American Chamber of Commerce in Cambodia (AmCham) has spoken about its strategic direction for 2023, following a successful few years which saw the chamber double its membership and increase revenue by 122% to $300,000 last year, with AmCham hosting a members function to introduce the new board and discuss its vision for the future.

The US Ambassador to Cambodia, Patrick Murphy, has lauded the Kingdom for making the efforts to exit from the money laundering grey list of the Paris-headquartered Financial Action Task Force (FATF) recently even as he encouraged the country to do more for improving the business environment. During his keynote remarks at the Annual General Meeting (AGM) of the American Chamber of Commerce (AmCham) in Cambodia at Sun & Moon Riverside Hotel in Phnom Penh on Wednesday evening, the ambassador said the exit from the list “reflected the success of the anti-money laundering measures” of the government, adding that it is “very encouraging.”