A keen understanding of the nature of real estate and the legal and regulatory issues related to this asset class is critical to working out any real estate deal. In this third edition of Rajah & Tann Asia's "Guide to the Real Estate Industry in Asia", we share with you a brief overview of certain key insights to the real estate industry in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Topics covered include the legal framework, types of real estate, ownership and tenure, taxes and other important aspects for investors of real estate to note.
A key pillar of our strength is our Rajah & Tann Asia network with offices in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, as well as dedicated desks focusing on Japan and South Asia. With the most extensive legal network in Asia, our lawyers have a tight grasp of the local culture, business practices, and language not just within their own home countries, but in the other markets in which they frequently conduct cross-border deals as well. Our depth of transactional and regulatory experience allows us to advise clients strategically and creatively, from structuring to eventual execution and implementation of the transaction. It is important to seek specific legal advice in any corporate real estate matters, and our team would be pleased to discuss your specific objectives and requirements.
On 30 August 2023, the Ministry of Labour and Vocational Training issued Notification No. 024/23 informing owners or directors of enterprises or establishments that are employing foreign employees for the year 2024 to apply for foreign employee quota approval from 1 September 2023 to 30 November 2023. Such applications can be conducted via www.fwcms.mlvt.gov.kh.
In line with the vision of the Royal Government of Cambodia to innovate financial technology ("FinTech") in the non-banking financial services industry in Cambodia, the Non-Banking Financial Services Authority ("NBFSA") issued Prakas No. 037 on FinTech Regulatory Sandbox in Non-Banking Financial Services Sector dated 4 August 2023 ("Prakas"). The Prakas aims to introduce and manage a sandbox environment for FinTech in sectors regulated under NBFSA to test out new products. Regulators currently supervised by NBFSA are required to issue guidelines setting out details in which companies can partake in testing out their FinTech products in the sandbox environment.
In line with the Prakas, on 7 August 2023, the Securities and Exchange Regulator of Cambodia issued Guideline No. 009/23 on the Regulatory Sandbox in Securities Sector ("Guideline"). The Guideline replaces the presiding Guideline No. 001/22.
Under the Prakas and the Guideline, "FinTech Regulatory Sandbox" refers to an environment that allows a company to experiment its new Financial Product and Services (FPS) with actual customers within a well-defined space and under limited duration, before the official launch and circulation of the product on a larger scale.
This Update highlights the key features of the Prakas and the Guideline.