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

  • 12th Cambodia int’l film festival to see return of Hollywood star

    Phnom Penh is set to come alive with the magic of cinema as the highly anticipated 12th Cambodia International Film Festival (CIFF) takes centre stage. Boasting an impressive line-up of 188 films from 23 countries, including captivating shorts, feature films, documentaries and animation, the festival promises an

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Struggling Battambang artist dreams of staging full-scale gallery exhibition

    Leav Kimchhoth, a 55-year-old artist from Battambang province, is a familiar face to locals and tourists alike on the streets of the riverside in Phnom Penh. The one-armed painter and illustrator often hawks his work near the night market on weekends and public holidays. He

  • Fresh Covid warnings as Thai hospital fills

    A senior health official reminds the public to remain vigilant, as neighbouring countries experience an increase in Covid-19 cases, with the latest surge appearing to be a result of the Omicron XBB.1.5 sub-variant. Or Vandine, secretary of state and spokeswoman for the Ministry of Health,

  • New Law on Taxation comes into effect

    Cambodia has enacted the eagerly-awaited new Law on Taxation, which aims to improve the national tax regime’s compliance with present and future international standards and economic conditions; encourage accountability, effectiveness and transparency in the collection process; and promote investment in the Kingdom. King Norodom

  • PM warns of int’l election interference

    With the national election scheduled to take place in less than two months, Prime Minister Hun Sen has warned foreign nations and their diplomats not to interfere into Cambodia’s domestic affairs. He also hinted that their statements on court verdicts handed down to any