Cambodian Trust Regulator Explores Trust Market Innovations & Best Practices with Singapore in Partnership with Phillip Trustee (Cambodia) Co. Ltd

In a strategic effort to strengthen Cambodia's rapidly growing trust market and explore international best practices, H.E. Sok Dara, Director General of the Trust Regulator (TR), led a high-profile study visit to Singapore – the delegation was coordinated by Phillip Trustee (Cambodia) Co. Ltd, a subsidiary of Phillip Bank.

The delegation engaged in high-level dialogues with Singapore's financial powerhouses, including the Monetary Authority of Singapore (MAS), Singapore Trustees Association (STA), and leading companies in the trust sector. The visit aimed to learn insights into Singapore's well-established trust ecosystem, covering aspects from operational norms and regulatory frameworks to the role of Fintech in trust management.

The visit was authorized by H.E. Akka Bandit Sapheacha Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and Chairman of the Non-Bank Financial Services Authority (NBFSA) (FSA). This visit comes at a pivotal time as Cambodia seeks to expand and mature its own trust market, which is governed by the comprehensive 2019 Trust Law. The law delineates the legal frameworks for four types of trusts: Commercial, Public, Social, and Individual, each with its own set of regulations and rules for trustors, trustees, and beneficiaries.

Importance of Learning from Singapore's Robust Trust Sector

H.E. Sok Dara highlighted the importance of learning from Singapore's robust trust sector. Singapore has an exemplary trust market, and we aim to learn from their successes and challenges. This visit serves as a foundational step in understanding the models that can be adapted for Cambodia.

Facilitating the visit, Phillip Trustee (Cambodia) emphasized its commitment to leveraging its resources and expertise to support both domestic and foreign investors in Cambodia. "We are deeply invested in the growth and sophistication of Cambodia's trust market. With our extensive experience and resources, we can guide investors through the complexities of the trust law, offering customized solutions for each unique situation," a spokesperson from Phillip Trustee (Cambodia) told Cambodia Investment Review.

Our trust service is designed both individual and non-individual investors as well as family trust administration by ensuring not only for trustor’s protection but also their assets are managed and distributed according to the trustor’s terms and conditions. Additionally, the company has the capability to handle commercial trusts designed for catering investor purposes in many sectors and carry out certain investments if request by clients. They also offer options for a social trust where trustor they can set up a trust for a charity purpose. "Our primary aim is to ensure the secure and profitable management of assets for our clients, aligned with both local and international compliance standards," the spokesperson added.

Comprehensive Services from Consultation to Implementation

Phillip Trustee (Cambodia) aims to be a one-stop-shop for all trust-related needs, working closely with investors to navigate the regulatory environment. The company provides comprehensive services from consultation to implementation, ensuring compliance with all necessary legal and tax obligations. Our staff from Phillip Trustee (Cambodia) will be closely involved in helping investors decide on the most appropriate trust structure that caters to their specific investment goals.

The two-day visit provided an invaluable platform for Cambodia’s TR management to present the emerging opportunities in Cambodia’s trust market. As Cambodia navigates its financial sector's complexities, the insights garnered from this Singapore visit are seen as invaluable assets that will help shape policy and attract foreign investment. Through strategic collaborations like the one with Phillip Trustee (Cambodia) Co. Ltd, the TR aims to elevate the Cambodian trust market to international standards.

As both countries look forward to increased collaboration in the financial sector, the study visit showcases the active steps being taken to cultivate a vibrant and secure trust market in Cambodia. The active participation of experienced entities like Phillip Trustee (Cambodia) in facilitating such international engagements reaffirms Cambodia's commitment to adopting global best practices and sets a promising precedent for the future development of its trust sector.