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Gov’t launches digital trust registration system

Gov’t launches digital trust registration system

The Royal Government of Cambodia (RGC) yesterday launched the Trust Registration System – a digital platform to streamline the trust procedures including the creation, provision, renewal and termination process under the supervision of the Trust Regulator (TR) of the Ministry of Economy of Finance (MEF).

The Trust Forum 2024 themed ‘Trust: Beyond a Platform for Trust Building’ was presided over by Ros Seilava, Secretary of State of MEF and Sok Dara, Director General of TR at the Sokha Phnom Penh Hotel & Residence on Wednesday.

During the forum, the MEF Secretary of State officially launched the ‘Trust Registration System’, citing that this digital project aimed at facilitating efficient registration, management, and regulatory compliance for trusts, enabling trustees to handle processes like creation, renewal, and termination online, which enhances accessibility and transparency.

Seilava, also the Vice Chairman of the Non-Bank Financial Services Authority (FSA), presented the awards and certifications to the outstanding trustee in social work last year as well.

During the forum, he expressed appreciation for the effort of the TR working groups and the TR Director General in achieving significant results despite the hardship caused by the Covid-19 pandemic.

Ros Seilava, Secretary of State of the Ministry of Economy and Finance (MEF) spoke about the efforts of the Trust Regulator working groups in achieving significant results despite hardships caused by the Covid-19 pandemic, at the Trust Forum 2024 in Phnom Penh on Wednesday. KT/Pann Rachana

He further emphasised the RGC’s vision under the leadership of Prime Minister Hun Manet to transform Cambodia into a middle-income country by 2030 and a high-income country by 2050 while stressing a set of initiatives of former Prime Minister Hun Sen, current President of the Senate, for maintaining peace and stability.

In his welcome remarks, Dara said that the Trust Forum 2024, organised by TR, aimed at disseminating and sharing knowledge, experiences, best practices, and international standards in the trust sector, particularly to foster connections and promote the establishment of a cooperation system among key operators in the Cambodian market.

“Today’s forum highlighted the presentations and discussions on the opportunities and benefits of using trust mechanisms, especially family trusts for generational planning and financial technology in the sector,” the TR Director General added.

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He underlined that under the leadership of Aun Pornmoniroth, Deputy Prime Minister and Minister of MEF in the last three years, Cambodia’s trust sector has legally registered 1,030 cases worth $1.65 billion, approved trust licences to 13 companies and 21 commercial banks along with 68 trust officers by the end of September this year.

It may be noted that Cambodia’s Trust sector provides three major benefits – increasing domestic investment, which is a source of national income; promoting financial diversification to boost the livelihood of Cambodians; and being accessible to monitor and manage the amount of capital operating in the Kingdom in order to attract more development partners.

The achievements came from the support of companies, operators who provide retention and safeguard keeping (Escrow Services), valuation companies, and auditing firms that provide services in the trust sector and have obtained licensing, approval, or accreditation from TR.

The forum saw the presence of Tek Rek Kamrong, Secretary of State of the Ministry of Commerce (MoC), Mey Vann, Secretary of State of MEF and also Secretary General of the General Secretariat of FSA along with distinguished delegates of RGC, members of the Council of Non-Bank FSA, representatives from relevant ministries and institutions, administrative from all 25 provinces and cities, totalling about 400 participants.

The forum also provided a platform for panel discussions on three important topics – Opportunities and Benefits of Using Trusts, Family Trusts for Succession Planning and Financial Technology in the Trust Sector.
Source: Khmertimeskh

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