TAIPEI, Jan. 22, 2025 /PRNewswire/ -- Cathay United Bank (CUB), a subsidiary of Cathay Financial Holdings—the largest financial group in Taiwan—has firmly established its presence in Cambodia for over a decade, actively supporting local government's initiatives. Recently, Cathay United Bank Cambodia (CUBC) received approval from Cambodia's Trust Regulator to offer escrow services. This milestone underscores CUBC's commitment to fostering economic growth across diverse sectors and boosting investor confidence in Cambodia.
Since the enactment of Cambodia's Law on Trust in 2019 and the establishment of the Trust Regulator in 2021, the trust business in Cambodia has witnessed remarkable growth. According to the Ministry of Economy and Finance of Cambodia, the country's GDP is projected to grow 6% in 2024 and accelerate to 6.3% in 2025, with an average growth rate projected to be above 6.6% from 2026 to 2027.
Kevin Yeh, President of CUBC, emphasized the significance of the new escrow service: "Cambodia's economy continues to grow steadily, with real estate transactions being a key focus of the local market. Given the large transaction amounts involved, ensuring secure payments between buyers and sellers is crucial. This escrow service provides a secure platform for holding and disbursing funds. CUBC will safeguard the transaction funds and release them to the seller only after all contractual conditions are met, ensuring the smooth completion of transactions. We have high expectations for the future growth of escrow services."
CUBC is dedicated to enhancing customer experience through its customer-centric approach and comprehensive financial services. In 2023, CUBC became the first Taiwanese bank in Cambodia to offer KHQR payments by integrating with the National Bank of Cambodia's Bakong system. Additionally, for eligible corporate customers, CUBC provides a dedicated support team and video customer service to streamline processes and save time.
CUBC also offers its Global MyB2B service, which is secure, simple, and convenient. This platform enables easy access to global account consolidation, trade finance, cash management, and other financial services, helping clients optimize operational efficiency and create seamless financial experience across online and offline channels. CUBC will continue to prioritize the needs of its customers by offering bespoke solutions, and plans to further strengthen its digital development and enhance the customer experience.
After becoming the first Taiwanese bank to offer KHQR payments, CUBC received approval from Cambodia's Trust Regulator to provide escrow services. CUBC provides a dedicated support team and video customer service to streamline processes and save time for eligible corporate customers. This latest achievement offers customers even more comprehensive options and all-around service.