Taiwan’s Shanghai Commercial & Savings Bank Ltd (SCSB) launched operations in Phnom Penh yesterday.

SCSB is the fourth Taiwanese bank to enter Cambodia, joining Mega International Commercial Bank, Taiwan Cooperative Bank and E Sun Commercial Bank, which purchased a 70 per cent stake in Cambodia’s Union Commercial Bank in March.

Their “liaison office” in Phnom Penh Tower will relay investment information to Taiwanese clients, SCSB representative Peter Hsu said.

Lin Zhi-long, president of the Taiwan Commercial Association of Cambodia, said in June that Taiwan was Cambodia’s largest foreign investor and exporter of garments accounting for over 90 of the country’s 400 foreign-owned garment factories.

President and CEO of Acleda Bank, In Channy, welcomed SCSB’s arrival.

“More banks means more competition. It will bring better prices and services to clients,” he said.