Logo of Phnom Penh Post newspaper Phnom Penh Post - CBC keeps credit data of over 7M customers

CBC keeps credit data of over 7M customers

Content image - Phnom Penh Post
The 10th anniversary of the independent financial information provider Credit Bureau (Cambodia) Co Ltd (CBC)’s establishment on September 30. CBC

CBC keeps credit data of over 7M customers

Independent financial information provider Credit Bureau (Cambodia) Co Ltd (CBC) now maintains the credit data of more than seven million customers in its core system, 10 years after its establishment, according to its chairwoman Chea Serey.

CBC has been key in the organisation of Cambodia’s financial data infrastructure, and aims to support member banks and financial institutions in promoting transparency and efficiency in the credit market, said Serey, who doubles as the assistant governor of the National Bank of Cambodia (NBC).

She was speaking at a September 30 event marking the 10th anniversary of the CBC’s establishment. Of note, the Ministry of Commerce’s business registry shows that the financial information provider was incorporated on November 29, 2011.

Content image - Phnom Penh Post
Chea Serey was speaking at a September 30 event marking the 10th anniversary of the CBC’s establishment. CBC

Without the CBC, banking and financial institutions in Cambodia on the whole would face notably higher operating costs and lack important information on borrowers, resulting in greater credit risks, she claimed, stressing that comprehensive and transparent credit information is the top priority for risk management and financial stability.

The firm’s credit sharing system is available for banking and financial institutions to monitor loan risks and overall credit pressure, and serves as a tool for the NBC to better understand the national lending landscape and its associated risk profile, so as to take timely and effective measures to avoid and minimise potential adverse effects, according to Serey.

“The CBC presents a very secure, transparent and accountable credit information sharing system that really helps to make the financial credit market more favourable, by reducing loans made with a lack of information on borrowers.

“The CBC has contributed significantly to the growth of the financial sector and the credit market, not only that, but it has helped Cambodians access credit from a wider range of sources and further prosper year after year. The CBC not only maintains negative credit history information, but also the positives, to encourage borrowers to use credit responsibly,” she said.

Speaking at the same event, NBC deputy governor Ouk Maly commented that, as a major component of the financial infrastructure, the CBC’s credit sharing systems are crucial in supporting responsible, efficient and equitable lending, reducing credit risks for banking and financial institutions, and fostering financial inclusion in Cambodia.

She said the NBC encourages the CBC and the financial institutions within its ranks to work closely with the central bank, “to maintain financial stability and enhance sustainable development in the banking system, through the provisions in force”.

Also at the event, CBC CEO Oeur Sothearath said his firm was established in 2012 with just 51 members, a figure that has more than tripled to 181 today. Since its inception, the CBC has provided financial information services, data analysis tools and credit reports to all manner of financial institutions and consumers in Cambodia.

He said the CBC helps clients and members manage risks and make quick decisions through services such as: consumer credit reports, K-Scores, data analytics, credit monitoring and other on-demand data solutions.

According to Sothearoath, the K-Score, or Khmer Score, is a measure of “applicants’ potential credit risk at the point of application and predicts the likelihood of payment default in the next 12 months”.

“As the economy booms, our company is constantly researching and developing more products to ensure that we can provide exceptional services to our member institutions,” he said.

MOST VIEWED

  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Famed US collector family return artefacts to Cambodia

    In the latest repatriation of ancient artefacts from the US, a total of 33 pieces of Khmer cultural heritage will soon return home, according to the Ministry of Culture and Fine Arts. In a September 12 press statement, it said the US Attorney’s Office for the

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Manet touches down in Beijing for high-level meetings

    Prime Minister Hun Manet arrived in Beijing on September 14 for his first official visit to China, where he is slated to attend the 20th China-ASEAN Expo and meet other leaders including Chinese President Xi Jinping. Upon his arrival, Manet laid a wreath at the Monument