Phillip Trustee (Cambodia) Recognized as Outstanding Trust Service Provider at 2024 Trust Forum

Phillip Trustee (Cambodia), an associated company of Phillip Bank, received the Outstanding Trust Service Provider award at the 2024 Cambodia Trust Forum, held on October 30 at Sokha Hotel in Phnom Penh. The forum, themed "Trust: Beyond a Platform for Trust Building," highlighted advancements in the sector, including the launch of Cambodia’s new Trust Registration System.

Supporting Foreign Investment in Cambodia’s Trust Sector

Phillip Trustee has established itself as a significant player in Cambodia's trust market, entering the Cambodian market in 2022 and offering services that support foreign investment and business growth. Proeung Sopheap, General Manager of Phillip Trustee (Cambodia), expressed his satisfaction with the recognition, noting, "We are honored to receive this award. We aim to empower clients with secure channels for trust asset management and expansion in Cambodia. With Phillip Capital Group's resources in Cambodia, we're well-positioned to serve investors aiming to capitalize on opportunities here."

Phillip Trustee provides a range of services, including holding trust property for commercial, social, and personal purposes, trust fund service and carried out investment for client in case they request, act as intermediary for escrow agent for any real estate transaction and other legal advice for trust creation in Cambodia. “By safeguarding investments, we contribute to sustainable growth for businesses in Cambodia," Sopheap added.

Trust Sector's Role in Cambodia’s Economic Strategy

The Trust Forum underscored the Cambodian government’s strategic goals for the trust sector. H.E. Sok Dara, Director General of the Trust Regulator, highlighted the forum’s focus on knowledge exchange and collaboration. “Establishing the trust sector is part of our Financial Sector Development Strategy 2021-2025. We’re committed to supporting sustainable growth across financial services, enhancing investment confidence,” Sok Dara stated.

H.E. Ros Seilava, Secretary of State at the Ministry of Economy and Finance, elaborated on the trust sector's impact, noting its relevance beyond banking and microfinance, extending to insurance, real estate, and securities. "This sector aligns with our Pentagonal Strategy Phase 1, which focuses on economic growth and diversification,” Seilava said. "Trust services have the potential to increase tax revenue, drive diversification, and strengthen Cambodia’s compliance with global standards in anti-money laundering and counter-terrorist financing."

Launch of the Trust Registration System

A key announcement was the launch of Cambodia's Trust Registration System, a digital platform designed to streamline trust management. Seilava stated that the new system will allow trustees to handle tasks such as trust creation, renewals, and terminations online, enhancing transparency. "With the Trust Registration System, we provide tools for trustees to manage their operations efficiently and uphold high standards,” he commented.

The trust market in Cambodia has seen rapid growth, with 1,042 registered trusts valued at USD 1.68 billion as of October 2024. Commercial trusts lead this expansion, holding USD 1.16 billion across 1,021 cases, followed by financial and individual trusts. The real estate sector alone holds over USD 700 million in trust assets, with other segments like escrow services, pension funds, and green bonds also contributing significantly.

Phillip Trustee’s award reflects its proactive role in this dynamic market.

"Our focus is on building long-term trust, enabling our clients to grow with assurance. As demand rises, Phillip Trustee remains committed to setting high standards and trust service diversification to cater local demand in Cambodia’s trust market,” Sopheap added.

The Trust Forum 2024 underscored the sector's potential and reinforced Cambodia’s position as a promising hub for financial investments and sustainable growth. Phillip Trustee and other licensed operators are expected to continue driving the trust sector forward, fostering a stable and transparent financial ecosystem in the Kingdom.