Angkor Times Latest Questions

Angkor Times
Angkor TimesExperienced
Asked: December 17, 2021In:

Cambodia offers potential investment opportunities in various sectors including: tourism in both natural and recreational areas; education; construction; household products; agriculture and agribusiness; automotives; energy; retail stores and restaurants; and health ...Read more

Cambodia offers potential investment opportunities in various sectors including: tourism in both natural and recreational areas; education; construction; household products; agriculture and agribusiness; automotives; energy; retail stores and restaurants; and health care.

Doing business in Cambodia - Market opportunity

Best Prospects in doing business in Cambodia

  • Tourism infrastructure and resorts
  • Education services
  • Architecture, construction, and engineering services
  • Household goods and appliances
  • Agribusiness and food processing
  • Used cars and automotive parts
  • Power generation equipment
  • Fast food and beverage franchises
  • Pharmaceuticals, medical Supplies, and medical equipment
  • Health care services
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Angkor Times
Angkor TimesExperienced
Asked: December 13, 2021

The National Bank of Cambodia (NBC) developed the Bakong system along with Japanese technology company Soramitsu using the open source Hyperledger Iroha blockchain framework. The flexibility of using a blockchain for digital asset management allowed NBC and Soramitsu ...Read more

The National Bank of Cambodia (NBC) developed the Bakong system along with Japanese technology company Soramitsu using the open source Hyperledger Iroha blockchain framework. The flexibility of using a blockchain for digital asset management allowed NBC and Soramitsu to implement fiat-backed digital representations of the Khmer riel and US dollar that would be accessible for wholesale interbank transactions as well as everyday retail payments.

The core of the system is run by NBC, which delegates the running of ‘payment gateways’ to financial institutions. End users, such mobile app users, connect to the system via these payment gateways. All the transactions are stored as a chronological chain of records, also known as a blockchain, which is replicated across multiple servers. Unlike most commonly used permissionless blockchains, such as Bitcoin, the Hyperledger Iroha-based Bakong system does not rely on mining for finalizing transactions, but rather uses a voting method, wherein a supermajority of servers that maintain the blockchain vote to finalize transactions that are arranged in blocks.

The NBC Bakong core system is geographically distributed and contains all transactions, but no personally identifiable information (PII). Rather, all end-users’ PII is stored by the financial institutions that join the system. In turn, financial institutions only receive transactions on which their users are counterparties, and do not have access to all transactional data in the system. It is this separation of data that helps to preserve the privacy of users, while still allowing for the central bank to view all transactional activity and consider these data to improve their monetary policy. Thanks to the inherent security features of the blockchain and the associated ledger copies, the risks of fraud, hardware failure, tampering, and, most importantly, cyberattacks are mitigated.

What are the benefits?

Cost reduction and user inclusivity are the most important benefits of this system. By unifying banking processes under Bakong, the costs and fees associated with interbank transactions are reduced to a minimum and transactions by end users are currently free. As long as banks and financial services continue to carry out their due diligence through the implementation of ‘know your customer’ (KYC) and other security measures, financial crimes can be avoided. Indeed, the permanent digital record of all transactions makes payment systems like Bakong easily auditable and thus unsuitable for criminal activity.

Bakong also boosts user inclusivity by helping to integrate people into the financial system. Easy-to-use digital tools and nearly nonexistent transaction costs incentivize users to take part in and contribute to the system. Payments become as simple as scanning a QR code, and – depending on the amount transacted – user verification can be done through an SMS (although larger amounts would require ID verification by a financial institution).

Bakong system

Bakong system

More info, visit: World Economic Forum

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SOVANN
SOVANNExperienced
Asked: December 13, 2021In:

Is Cambodia open for tourist now? SUMMARY: Yes. Cambodia is open for all international travellers, however, it’s expensive and complicated for unvaccinated travellers to go there. Since 30th March 2020, visas on arrival were suspended. Visitors must arrange a visa in ...Read more

Is Cambodia open for tourist now?

SUMMARY:

Yes. Cambodia is open for all international travellers, however, it’s expensive and complicated for unvaccinated travellers to go there. Since 30th March 2020, visas on arrival were suspended. Visitors must arrange a visa in advance.

Vaccinated: No quarantine required.

Those under 18 who are not vaccinated must quarantine in accordance with the period which applies to the accompanying adult.

Face Masks:

It is a legal requirement to wear a face-covering inside the airport, on public transport, inside a building such as a café, restaurant, post office or when at the market. It is currently not illegal to not wear a face-covering when outside in Cambodia, but our advice is to wear one if you are in a public place and there are other people around. There are heavy fines for anyone flouting the rules.

See here for recommendations on the best face masks for travel.

COVID-19 Tests Required: 

1) Negative test result needed within 72 hours of flying.

2) All visitors arriving in Cambodia must undertake a COVID-19 test depending on vaccination status. Vaccinated tourists can take a lateral flow on arrival whereas unvaccinated tourists have to take a PCR test. If the result is positive you will still be required to stay in a treatment facility for monitoring.

3) If you are unvaccinated, a negative test result is required on the penultimate day of quarantine in Cambodia, to be carried out by the Khmer-Soviet Friendship Hospital or the Chak Angre Clinic in Phnom Penh.

*Costs of Travel: 

As well as flights, travel insurance, COVID-19 tests, the Cambodian government requires that all unvaccinated foreigners pay in advance for COVID testing and quarantine facilities. Passengers must pay a $2000 US deposit for service charges upon arrival at the airport. Once deductions are made (depending on circumstances) the remainder of the deposit will be returned. The fees cover:

  1. $5 US – Transport from airport to waiting centre.
  2. $100 US – COVID-19 arrival test.
  3. $30 US – Overnight stay at hotel or waiting centre.
  4. $30 US – Three meals per day while waiting for COVID-19 test results.*
  5. Government quarantine facilities cost $84 US per day (including meals) or you may choose to quarantine in a government approved hotel. (Government quarantine facilities are very basic and it is not guaranteed that families will be able to stay together.)

*If you test positive for COVID-19 you will be charged $225 US per day for a hospital room, medical treatment, meals and laundry in the Khmer-Soviet Friendship Hospital. You will also be charged $100 US per subsequent COVID-test.

Alternative Quarantine Options – Luxury Hotels

For those who would like to cover their own costs, the following luxury options exist, all in Phnom Penh (all affiliate links):

Internal Travel Restrictions in Cambodia: 

Internal travel restrictions are changing all the time. Vaccination passports may be required for entry into specific places.

Map of Travel Restrictions in Cambodia:

This handy map documents current updates on lockdowns, curfews and other local restrictions. Source.

This map was made by the non-profit organisation, MapIt.KH, which is run by both local and foreign Cambodian residents. Here is an explainer video on how to use the map to stay informed about the latest COVID-19 restrictions across Cambodia…

All land borders with the neighbouring countries of Laos, Thailand or Vietnam are still closed for tourists.

Hotels and guesthouses: 

Due to the COVID-19 crisis in Cambodia, many hotels and hostels have unfortunately closed down. However, some remain open and we recommend booking directly and checking any local restrictions or requirements with the hotel. Many hotels will check your temperature on arrival and ask you to fill out a health declaration form.

Tourist sights and public places: 

Since the restrictions were lifted on 22nd May, restaurants, cafés and markets have been allowed to open as long as they follow the following health measures:

Large fines and possible prison sentences remain in place for anyone breaking the rules. (On 11 March, the Cambodian government brought in a particularly strict law known as the Law on Preventive Measures Against the Spread of COVID-19 and Other Severe and Dangerous Contagious Diseases. The UN has criticised this law which gives out 20-year prison sentences and $5,000 US fines for those in violation of the law.)

Sadly, many public businesses have been forced to close down due to the lack of business. The Asia Foundation recently released this report which suggests that almost half of tourism-related businesses in the country have had to close.

LATEST CAMBODIA COVID-19 NEWS:

  • 7th December 2021 – Cambodia has lifted the ban on travellers from 10 African countries over fears about the Omicron variant. Source.
  • 26th November 2021 – Cambodia and Singapore launch VTL. Source.
  • 14th November 2021 – Cambodia makes surprise announcement that it is reopening to vaccinated travellers without quarantine from 15th November 2021. Source.
  • 28th October 2021 – Sihanoukville Sandbox will begin at the end of November with Siem Reap reopening to fully vaccinated travellers next year. Source.
  • 26th October 2021 – Cambodia has announced that the country will begin to reopen to vaccinated travellers starting 30th November 2021. Source.
  • 21st October 2021 – Cambodia reopens e-Visas for tourists. Source.
  • 18th October 2021 – Cambodia changes quarantine length for travellers depending on vaccination status. Source. Cambodia hopes to reopen to international tourists in the fourth quarter of 2021. Source.
  • 6th October 2021 – Cambodia has called for an ASEAN travel corridor to restart tourism across the region. Source.
  • 27th September 2021 – President of the Cambodian Association of Travel Agents voices the importance of welcoming budget travellers back to the country, citing anti-backpacker comments made in reference to Bali reopening by a prominent Indonesian politician. Source.
  • 23rd September 2021 – Tourism department announces vaccine cards or rapid tests to be required to enter some provinces. Source.
  • 17th September 2021 – Hun Sen, Cambodian Prime Minister urges the Ministry of Tourism to reopen the country with a 7-day quarantine for vaccinated international tourists. Source.
  • 2nd August 2021 – Cambodia vaccine rollout is going remarkably well as PM announces vaccination of children 12-17 will be next. He said that they need to vaccinate 2 million more people before Cambodia can consider reopening tourism. Source.

Is Cambodia open for tourist now?

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Angkor Times
Angkor TimesExperienced
Asked: December 12, 2021In:

What is a must visit in the center of Phnom Penh for a day? If you have a day and want to visit the most attractive sites in the center of Phnom Penh here are some places you may want ...Read more

What is a must visit in the center of Phnom Penh for a day? If you have a day and want to visit the most attractive sites in the center of Phnom Penh here are some places you may want to visit:

  1. Royal Palace. Landmark palace complex built in 1866
  2. Tuol Sleng Genocide Museum, Museum in a former Khmer Rouge prison
  3. Choeung Ek Genocidal Center, Infamous killing fields of Khmer Rouge
  4. National Museum of Cambodia, Leading repository of ancient Khmer art
  5. Phnom Penh Night Market, Fabrics, crafts &  snack stalls
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