Maybank IBG chief executive officer, Michael Oh-Lau (seated, right) signs the agreement together with Securities Exchange and Regulator of Cambodia director-general Sou Socheat (seated, left) in the presence of senior management from both organisations and other guests.
KUALA LUMPUR: Maybank Investment Banking Group (Maybank IBG) has renewed its commitment to help develop Cambodia’s securities industry with the latest memorandum of understanding (MoU) signed with the Securities and Exchange Regulator of Cambodia (SERC).
In a joint statement, Maybank IBG and SERC said the MoU continued 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.
Maybank IBG chief executive officer Michael Oh-Lau said investors’ demand for innovative investment solutions would 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,” he said.
Meanwhile, SERC director-general Sou Socheat said the MOU signified the trusted relationship between both parties, citing the Cambodian securities industry was 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,” he said.
The joint statement noted that the new two-year MoU would see Maybank IBG and SERC continue collaborating in all areas of capital market development.
"Both parties would also be sharing their 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,” it added. - Bernama
