DAP: The breaking news in Cambodia

PHNOM PENH, Aug. 23 (Xinhua) -- Sumitomo Mitsui Banking Corporation, one of the leading banks in Japan, will sign a memorandum of understanding with Cambodia's leading Acleda Bank on Friday for business cooperation, according to a press release from Acleda on Thursday.

Under the agreement, both banks will provide mutual support for their respective clients, in addition to their economic cooperation in such activities as loans, deposits, money transfer, cash management, and other trade finance services, said the press release.

Both banks will mutually exchange general information on their own country's economy, industry, financial products, banking and finance markets, foreign trade, systems and regulations on the banking and finance industry as well as clients' credit information, it added.

The Japanese bank opened a representative office in Cambodia in mid-February this year.