Electronic payment service provider Wing and the Phnom Penh City Bus Authority (PPCBA) on July 17 joined hands to offer a cashless payment option for the city’s buses, making travelling on public transport smarter and easier.

A PPCBA press release said the venture is the first of its kind and that Wing will provide two kinds of cards – Blue and Green – so customers could use local bus services with just a swipe.

Users could hop on and off with no need for cash, enjoying greater flexibility and stress-free travel when riding one of the city’s fleets of over 150 buses.

Wing CEO Jojo Malolos said the Wing-PPCBA tie-up will change the face of public transport in Phnom Penh, offer a quick and easy travel solution for everyone and a smooth journey towards a cashless society.

“We are very excited to be part of something new for Cambodia. The PPCBA cards will revolutionise the way people use public transport in the city,” said Malolos. Launched in 2014, PPCBA is a municipal public transport system that serves capital residents. On average, about 20,000 people use the city’s buses daily. – The Phnom Penh Post

Myanmar, S Korea cooperate on making farm machinery

Myanmar is cooperating with South Korea in an effort to develop farming machinery, according to the Ministry of Industry.

An industrial technology consultancy programme is being carried out to develop the agricultural machinery sector under a cooperation agreement between Myanmar’s industry ministry and the Korea Institute for Advancement of Technology.

Korean experts visited Mandalay, Bago, Sagaing and Ayeyawady regions in June last year to conduct an onsite diagnosis study, and then made visits to worksites there in March and May this year to give technological advice on manufacturing farm equipment and machinery.

Under a memorandum of understanding signed between the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry and Korea-Asia Economic Cooperation Association on June 19, both parties agreed to strengthen economic relations, arrange bilateral business tours, exchange economists and hold business meetings. The MoU will be valid for three years. – Eleven Media Group

Commercial market in Kandal raises hopes for China trade

Cambodia’s Commerce Minister Pan Sorasak has high hopes for the new China Commercial Market, saying last Thursday that it would help the country’s businesses export more to the regional powerhouse.

Speaking at the inauguration ceremony in Kandal, Sorasak said the market will help promote Cambodian goods in China.

“The market will absorb domestic goods produced by SMEs to boost exports,” he said, adding that jobs will also be created in the venture.

The China Commercial Market is located along National Road 4 in Kandal province’s Ang Snoul district.

Zhang Ying, the deputy director of the Trade Department of Sichuan province, who also attended the inauguration, said the market was a move in his country’s “One Belt, One Road” development initiative.

China is the largest investment partner in Cambodia. The value of bilateral trade between the two countries hit US$5.8 billion (Bt190 billion) last year, with exports from Cambodia accounting for $1 billion of that figure, according to statistics from the Ministry of Commerce. – Phnom Penh Post

Laos removes foreign currency borrowing restrictions

The removal of barriers to bank lending and borrower withdrawals of foreign currencies are set to benefit enterprise in Laos, after the Bank of the Lao PDR removed restrictions, according to an announcement from the central bank.

The central bank recently announced that it had cancelled an administrative note that barred commercial banks in Laos from offering loans in foreign currencies.

The central bank had ordered commercial banks in Laos to stop providing loans in foreign currencies to businesses at the end of 2016, as it believed at the time that this restriction would prevent dollarisation in Laos and promote the use of the national currency.

The central bank said the main reason behind the cancellation of that administrative order was that despite the positive effect of the order, commercial banks had faced restrictions in releasing loans in foreign currencies for which they had already mobilised.

According to data from the Bank of the Lao PDR, deposits of the Lao kip in commercial banks have witnessed 7 per cent growth compared to the previous year, and account for about 46 per cent of total deposits.

Foreign currency deposits witnessed 15 per cent growth, and accounted for more than 53 per cent of total deposits.

The data shows Lao people have maintained higher confidence in foreign currencies than in the Lao kip despite a massive campaign to promote the use of the Lao currency domestically.

The Lao government has a policy of mobilising funds from abroad to boost economic growth.

Thus, it was not logical to prevent commercial banks from offering loans in foreign currencies, said the source.

Although the central bank has allowed commercial banks to offer loans in foreign currencies, it demanded that they restrict withdrawal of cash in foreign currencies, which means that borrowers have to withdraw funds in Lao currency. – Vientiane Times

Forum to focus on Asean fourth industrial revolution

Entrepreneurship and the impact of the “fourth industrial revolution” in the Asean bloc will be the focus of the 27th World Economic Forum on Asean, organised by the World Economic Forum (WEF) for Hanoi, Vietnam during September 11-13.

According to a WEF press release, under the theme “Asean 4.0: Entrepreneurship and the Fourth Industrial Revolution”, the meeting aims to shape the path forward for the bloc’s major transitions. Those transitions include crafting new approaches to regional governance and geopolitics, unleashing entrepreneurial activity to drive economic and business dynamism, and shaping new policies to promote more sustainable and inclusive growth.

Over 800 leaders from business, government, civil society and media are expected to attend. Leaders of 100 hand-picked, early-stage start-ups, whose companies represent the dynamic nature and entrepreneurship in Asean will also participate. – Borneo Bulletin