Lion Trust (Cambodia) Co., Ltd. staged the official grand opening of its new office at FTB Tower, one of Cambodia’s premier Grade A+ office towers, in Phnom Penh on October 26, marking a new milestone for the trust company’s operations in Cambodia. It is licensed by the Trust Regulator, in partnership with Singapore-based Lion Trust Group.
The opening ceremony brought together senior executives from Lion Trust Cambodia and its Singapore group, as well as H.E. Sok Dara, director-general of the Trust Regulator, who attended as the guest of honour.
Belinda Chan, chief executive officer of Lion Trust (Cambodia) Co Ltd, delivered the welcoming remarks, noting that the Law on Trusts in Cambodia, which was enacted in 2019, has built a very important foundation of a clear legal framework that allows the separation of ownership from control, protects the interests of beneficiaries and places a licensed and accountable trustee at the centre.
She highlighted that because it is relatively new, the law’s lasting credibility will rely on all licensed trustees to put it into practice every day and for every file.
“This is how I see our role. A trust is only as good or as strong as the discipline of the trustee who administers it — how carefully we identify the customer, how assets are held and kept separately, how we document every decision and how transparently we report to our clients and to the regulator. To me, professionalism means living up to this responsibility every day,” she said.
Lion Trust Cambodia applies uncompromising standards in four key areas: Family Trusts, Property Trusts, Investment Trusts and Money Trusts.
“Today we not only have our new grand opening ceremony, but today is also a new commitment we have made to our clients, to our partners and to the regulators,” she said.
Ashley Ong, chief executive officer and managing director of Lion Trust Singapore Group, explained why the Group invests in Cambodia.
“So why Cambodia? The answer is very simple: we see Cambodia as a land of opportunities. It is a place of high ambition and development,” he said.
“We believe and we saw that there is a lot of deeper integration of Cambodia into regional as well as global economies. The fact that Cambodia has a trust law says a lot about what you want to achieve with trusts. So why waste the opportunity? We came in, and we are very glad we found a good partner in Cambodia,” he added.
Lion Trust Group administers over 8 billion US Dollars worth of assets, with the trusted experience over 21 years since its establishment in 2005, according to Mr. Ashley Ong.
H.E. Sok Dara warmly congratulated Lion Trust Cambodia and regarded its grand opening as a significant milestone and contribution in the continued evolution, modernisation and maturity of Cambodia’s financial ecosystem.
He noted that the trust sector in Cambodia is currently experiencing unprecedented growth. As of October 23, the Trust Regulator has successfully registered over 2,200 trusts, with funds amounting to nearly $3 billion.
“We are especially excited about the specialised expertise, international best practices and sophisticated financial products that Lion Trust Cambodia brings into the Cambodian trust market,” he added.