Author: chanthea

Phnom Penh 1st April 2020: LY HOUR Microfinance Institution Plc. is a subsidiary of LY HOUR Group, consists of 8 companies such as LY HOUR Exchange Co., Ltd (1986), LY HOUR Pawnshop Co., Ltd (2010), Borey Vimean Phnom Penh (2011), Tepi Agro Investment Co., Ltd (2011), LY HOUR Microfinance Institution Plc. (2012), LY HOUR Leasing Plc. (2015) LY HOUR Paypro Plc. (2016) and LY HOUR Insurance Plc. (2017), has recently received the Commercial Bank License from National Bank of Cambodia to operate banking business and provide widen financial services to the public. The economics’ growth and political stability is the key fundamental in building more confidence from the public and international investors as well as the strength and healthiness in banking system. Through NBC’s 2019 Report revealed that there are 46 Commercial Banks, 15 Specialized Banks, 7 Microfinance Deposit Taking Institutions, 75 Microfinance Institutions and other financial institutions that provide the financial services in the kingdom of Cambodia. By joining SBI Holdings, Inc., LY HOUR Microfinance Institution Plc. is the first self-transforming​ from Microfinance Institution to be Commercial Bank without merging with other existing licensed Commercial Banks. After the transformation, the Bank still conserves their existing leaderships and management who are mostly Cambodian, especially Oknha Ly Hour, the Chairman of the Board of Directors. Oknha Ly Hour, Chairman of the Board of Directors, mentioned that the endorsement of the Banking License is showing deeper trustworthiness toward LY HOUR Microfinance Institution in promoting the Cambodia Economic Growth through providing financial services to the public. This Banking License will boost LY HOUR Microfinance Institution to be a Commercial Bank as well as the opportunity to provide varieties of financial services to the public. He also notes that the new bank’s name will be “SBI LY HOUR BANK PLC.” and starts the banking services from April and formally ground breaking on June 2020. Oknha Ly Hour expresses deeply gratitude to the National Bank of Cambodia who always support and trust in granting the license in order to strengthen and expand more financial services to the public and also thanks to the customers who’s continuously supporting so far. In addition, he commits to modernize the product/services in serving the public widely. What’s more is about the benefit for Cambodian people as SBI LY HOUR BANK PLC. has better possibility to acquire lower cost of funds and be able to provide loans within lower price. Additionally, the bank will provide the latest high-technology banking services in the financial industry. SBI Holdings, Inc., which was established in July 1999, is a listed company in Tokyo Stock Exchange. The Group which headquartered in Tokyo, Japan is currently having approximate 260 companies over 20 countries in regions and the globe. The Group is globally operating business in particular segments such as the Financial Services Business, the Asset Management Business, the Biotechnology-related Business, and Others. As of December 2019, the Group has total asset of US$51.4 Billion. More importantly, the investment in the Kingdom is the long-term investment vision to promote and encourage the modern financial inclusion through the modern digital banking networks, banking operation and networks of agent in Cambodia. In addition, the new SBI LY HOUR BANK PLC. will diversify of funding sources for Cambodia, Trust from international community to attract long term investment from Japanese Conglomerates, and Trust on future growth and economic and politic stability and government.