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Singaporean own commercial bank’s Phillip Trustee and OCIC Group are partnering to boost foreign investments in Cambodia
January 10, 2024
[Phnom Penh, Cambodia, 10 January 2024] – To start the year 2024, Phillip Trustee(Cambodia) Co., Ltd. a subsidiary of Phillip Bank, affiliated to Singaporean financial services firm Phillip Capital Group and OCIC Group, Cambodia’s leading property and infrastructure conglomerate, are forging a partnership that aims to provide more options for foreign direct investment related to real estate. As such, foreign investors from the international network of Singapore based Phillip Capital Group will benefit from Trust Services for purchases of landed properties from OCIC Group’s network in Cambodia.
The signing of the partnership agreement marks an expansion in collaboration between the Cambodian conglomerate and the Singapore diversified financial services company, offering a wider array of trust services to foreign investors coming into Cambodia. The new agreement is the beginning of a long-term partnership aimed at utilizing the strengths of two strong brands, with OCIC’s known for its footprint in the local Cambodian market and Phillip Capital Group with its broad list of foreign clients and partners across the world.
While Phillip Capital Group was established since 1975 in Singapore, Canadia Group, started in 1991 in Cambodia. Both groups have now been in business in Asia for over 30 years, with standing several market cycles including periods of growth and volatility during economic crisis. Both groups have built solid foundations and have been able to navigate through the bear and bull markets as well as adapting to evolution, modernization and digitalization of society across the ASEAN region.
2024is the year of the Dragon, and marks a continuation in OCIC’s development with increased collaborations with foreign partners in order to boost innovation, while providing more choices and options for its customers base.
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CanaTrust, a service from Canadia Group has proven to be very successful, and the addition of the Phillip Trustee’s trust administration will provide foreign investors from Singapore and western countries more opportunities and ease of owning landed property within the OCIC’s ecosystem of real estate and property developments.
Phillip Capital Group established in Singapore by its founder Mr. Lim Hua Min, operates with over 5,000 employees with a presence in 15 countries across Asia, Europe, North America, and the Middle East region.
The partnership with Phillip Trustee complements and aligns with OCIC’s long term-vision of sustained engagements with international partners offering variety of choices and higher quality standards to its customers. This partnership also supports Cambodia’s overall efforts of easing foreign ownership through trustee management firms which help facilitate more foreign investments and provide for proper management of their assets in the country, at par with international standards.
Thierry Tea, Vice President of OCIC commented “This is a timely milestone for OCIC; with Phillip Trustee, Phillip Bank owned trustee and the wider Phillip Capital of Singapore, we’re working to develop an expanded range of services not just to our existing clientele but for potential foreign investors from Singapore and other parts of the world. The values of our founder, Neak Okhna Dr. Pung Kheav Se are shared by Phillip Capital’s group and we have the same passion and commitment to improve and evolve our respective products and services.”
Phillip Capital Group currently operates in the United States, Australia, UAE, India, Turkey, UK, France, Japan as well as Indonesia, among others. Phillip Capital Group’s network will enable its wide range of over 1 million customers to benefit from potential opportunities from the OCIC Group’s residential and commercial properties, investments and infrastructures projects in Cambodia. The investment and wealth management firm serves institutional clients as well as retail, high net worth individuals, family offices or corporate customers for the last 49 years. “This collaboration reflects OCIC's overall objective to drive economic growth and business confidence to the benefit of all stakeholders and the communities we serve” adds Thierry Tea.
