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Acleda Bank, CBC ink business partnership

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Oeur Sothearoath (left) and In Channy sign a business partnership cooperating in providing financial health check services, which allow clients from financial institutions to check their own credit history at Acleda Bank. ACLEDA BANK PLC

Acleda Bank, CBC ink business partnership

Acleda Bank Plc and Credit Bureau Cambodia (CBC) on Tuesday inked a business partnership to provide financial health check services, which allow clients from financial institutions to check their own credit history at Acleda Bank.

Before the partnership, banking and financial sector clients who wished to know their credit profile had only one option – to go to the CBC.

However, only five of Acleda Bank’s 262 branches are covered by the service in the first stage of the partnership.

The bank plans to expand to other branches in various provinces by the end of this year. The five branches are the bank headquarters, and Siem Reap, Kampong Speu, Takeo and Kandal branches.

CBC CEO Oeur Sothearoath said credit reports are very important in the financial system as it is necessary to review previous financial statements before institutions decide to give credit to anyone.

“We want customers to have confidence in obtaining credit from the financial institutions they need,” he said.

CBC chose Acleda Bank as its first partner due to its many operating areas at the provincial and commune level, he said, adding that so far the CBC has about five million customers and has produced 17 million credit reports across the Kingdom.

To use the service, clients have to show their valid original national ID or passport and visit any of the five Acleda Bank branches, he said.

Acleda Bank Plc president In Channy said CBC contributes a lot to all involved parties – including individual customers, banks and financial institutions, as well as the financial sector.

“CBC is committed to responding to the needs of all members, involved parties and companies, especially for [small and medium enterprises] in finding the best solution for funding,” he said.

Created in 2012, the CBC is the leading provider of financial information, analytical solutions and credit reporting services to financial and microfinance institutions, leasing companies, rural credit operators and consumers in the Kingdom. As of November last year, CBC had 158 members.