Hattha Kaksekar (HKL) fixed term deposit info.....

wolfcreek · Post by **wolfcreek** » Sun Jul 11, 2021 9:46 pm

Has anyone got info on Hattha Kaksekar (HKL) microfinance institution? Supposedly owned by a Thai bank (and some connection to a Japanese bank). Currently they are advertising an 8.25% return on 36 month deposits.

Kammekor · Post by **Kammekor** » Sun Jul 11, 2021 10:35 pm

Owned by a Thai bank, but under Cambodian law.

Forget the word Thai and get yourself informed about Cambodian laws on savings.

itenos · Post by **itenos** » Sun Jul 11, 2021 10:52 pm

Kammekor wrote:Owned by a Thai bank, but under Cambodian law.

Forget the word Thai and get yourself informed about Cambodian laws on savings.

Why don't you illuminate us about those laws? I'm sure you can do this faster and probably more accurate then some random Google search.

When I started to deposit my money into different Cambodian banks and MFIs quite a few years ago, my understanding was that Cambodian banks are not allowed to gamble on the market like western banks do and they are also limited by law to lend only up to 66% of their customers deposits to lenders.

This sounded to me that Cambodia is one of the safest places on earth to deposit your money! And until now I have not been proven otherwise. Cross fingers and let's hope it lasts...

Sent from my RMX2151 using Tapatalk

Apollo91881 · Post by **Apollo91881** » Mon Jul 12, 2021 1:52 am

Kammekor wrote: ↑Sun Jul 11, 2021 10:35 pm Owned by a Thai bank, but under Cambodian law.

Forget the word Thai and get yourself informed about Cambodian laws on savings.

Does this make it a bad idea to put money there?

Rama · Post by **Rama** » Mon Jul 12, 2021 9:27 am

HKL look safe enough to me. HKL is wholly-owned by Bank of Ayudhya (Krungsri), the 5th largest bank in Thailand and a member of Mitsubishi UFJ Financial Group (MUFG), Japan’s largest banking group and one of the world’s largest and most diversified financial groups. They're building a huge new HQ out on HE Boulevard, just broken ground.
I have a number of their term deposits. Their High Yield Savings Account (HYSA) is a good product too - 3 withdrawals a mouth (1 ATM, 1 transfer. 1 over the counter) I make between $50-80 a month interest on about $10,000-15,000 in the account.

Kammekor · Post by **Kammekor** » Mon Jul 12, 2021 9:42 am

Apollo91881 wrote: ↑Mon Jul 12, 2021 1:52 am
Kammekor wrote: ↑Sun Jul 11, 2021 10:35 pm Owned by a Thai bank, but under Cambodian law.

Forget the word Thai and get yourself informed about Cambodian laws on savings.
Does this make it a bad idea to put money there?

No, just be aware of the risk you might lose a (large) part of your savings if the bank / MFI goes bust. Limit the amount you deposit in one MFI / Bank (I use a 10k limit per institution) and don't do long term contracts (max 1 year for me). I would never deposit for three years, for instance. Way too long.

Most of my money is abroad, in stocks and in savings, not in MFI's in Cambodia. Never put all your eggs in one basket, especially a Cambodian basket.

Kammekor · Post by **Kammekor** » Mon Jul 12, 2021 9:55 am

itenos wrote: ↑Sun Jul 11, 2021 10:52 pm
Kammekor wrote:Owned by a Thai bank, but under Cambodian law.
Forget the word Thai and get yourself informed about Cambodian laws on savings.
Why don't you illuminate us about those laws? I'm sure you can do this faster and probably more accurate then some random Google search.

Well, main issues are there's no system to guarantee savings, there's no functioning legal system to back you up if things turn for the bad and the country is one of the most corrupt in the world so I only trust the National Bank of Cambodia or the banks / MFI's they have to check on as far as I see them.

Remember the investment company going bust a month or two ago? GoldFX or something? People were offered 30% of their investment after it went bust. In civilized countries the investment company would have been forced to separate the customer's funds / stocks from their own capital. An investor going bust means you still have your stocks / share of investment. In Cambodia 70% evaporates overnight during a period of times stocks went up about 16% YTD. Buyers beware.

itenos wrote: ↑Sun Jul 11, 2021 10:52 pm When I started to deposit my money into different Cambodian banks and MFIs quite a few years ago, my understanding was that Cambodian banks are not allowed to gamble on the market like western banks do and they are also limited by law to lend only up to 66% of their customers deposits to lenders.

This sounded to me that Cambodia is one of the safest places on earth to deposit your money! And until now I have not been proven otherwise. Cross fingers and let's hope it lasts...

Sent from my RMX2151 using Tapatalk

The bold part is irony right?
Revenue and risk go hand in hand. My savings in Europe are relatively safe, guaranteed by the united banks backed up by the government, but at 0% interest. In Cambodia I can get 3% on a simple current account, up to 6% on a one year deposit (before tax). It's tempting to shift most of my savings to Cambodia but I don't.

Mr.November · Post by **Mr.November** » Mon Jul 12, 2021 10:14 am

MFI's are quite safe but the rates of return are not really that high considering 5% inflation. There is no reason to save your money with any banks or institutions now that you can be your own custodian and save in decentralised finance in crypto dollar, which pays 20% a year.

I use Anchor Protocol on Terra to make almost 20% on my USD, no locking period and there is no tax: https://app.anchorprotocol.com/earn

No passport needed, no proof of address, can cash in and out anytime to any bank account in the world... I wish I discovered crypto earlier, not just thinking it was just bitcoin and speculation. In fact it's a whole financial ecosystem with USD "stablecoins" at its base. Yes, it's a learning curve, but once you read, watch then try slowly with a few bucks and understand how it works, you are sucked in and there is no returning to banks.

FYI there are leveraged liquidity pools that allow for over 40% per year on USD in crypto (multiple stablecoins on e.g. DFYN or Curve Protocol on Polygon network), they are slightly more risky due to factors such as possible USDT de-pegging, but still less risky than holding an IOU from a Cambodian MFI paying 8%!

After I've discovered DeFi apps I am only using banks for daily expenses, cashing out and getting paid. There is no return.

Doc67 · Post by **Doc67** » Mon Jul 12, 2021 10:45 am

Mr.November wrote: ↑Mon Jul 12, 2021 10:14 am MFI's are quite safe but the rates of return are not really that high considering 5% inflation. There is no reason to save your money with any banks or institutions now that you can be your own custodian and save in decentralised finance in crypto dollar, which pays 20% a year.

I use Anchor Protocol on Terra to make almost 20% on my USD, no locking period and there is no tax: https://app.anchorprotocol.com/earn

No passport needed, no proof of address, can cash in and out anytime to any bank account in the world... I wish I discovered crypto earlier, not just thinking it was just bitcoin and speculation. In fact it's a whole financial ecosystem with USD "stablecoins" at its base. Yes, it's a learning curve, but once you read, watch then try slowly with a few bucks and understand how it works, you are sucked in and there is no returning to banks.

FYI there are leveraged liquidity pools that allow for over 40% per year on USD in crypto (multiple stablecoins on e.g. DFYN or Curve Protocol on Polygon network), they are slightly more risky due to factors such as possible USDT de-pegging, but still less risky than holding an IOU from a Cambodian MFI paying 8%!

After I've discovered DeFi apps I am only using banks for daily expenses, cashing out and getting paid. There is no return.

Ok, I'm doing some reading on this. 20% deposit, lots of takers there.

But.... 85%APR to borrow? Who pays that? (and these loans require collateral too. That's loansharking rates)

Doc67 · Post by **Doc67** » Mon Jul 12, 2021 11:15 am

I have just read all about Anchor Protocol and Terra and I am no nearer understanding wtf it is all about. I even watched one of the recommended YouTube videos and the bloke struck me as a world class bullshit artist.

Even the Anchor site has zero information (not that I would understand what they were talking about)

Here's a taste:

Terra supports smart contracts, enabled by CosmWasm technology. [CosmWasm? Really?]

Developers are able to:

Build smart contracts in Rust, Go, or AssemblyScript
Run on multiple chains, connected by the Cosmos IBC
Use Terra stablecoins, onchain swaps, layer 1 oracles as primitives
Expose dApp userbases to Terra's payment services in a permissionless fashion

forming the most
limitless venue to TRADE

Mirror Protocol allows the creation of fungible assets, “synthetics”,
that track the price of real world assets. Mirror synthetics are intended
to be used as key building blocks in smart contracts, and to bring
the world’s assets to the blockchain.

Anyone have a clue what this means?

@Mr.November how on earth did you pluck up the courage to put money in such a scheme?

https://everybithelps.co.uk/anchor-protocol/

https://app.anchorprotocol.com/earn

https://www.terra.money/#1

Hattha Kaksekar (HKL) fixed term deposit info.....

Hattha Kaksekar (HKL) fixed term deposit info.....

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Re: Hattha Kaksekar (HKL) fixed term deposit info.....

Re: Hattha Kaksekar (HKL) fixed term deposit info.....

Re: Hattha Kaksekar (HKL) fixed term deposit info.....

Re: Hattha Kaksekar (HKL) fixed term deposit info.....

Re: Hattha Kaksekar (HKL) fixed term deposit info.....

Re: Hattha Kaksekar (HKL) fixed term deposit info.....

Re: Hattha Kaksekar (HKL) fixed term deposit info.....

Re: Hattha Kaksekar (HKL) fixed term deposit info.....

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