Logo of Phnom Penh Post newspaper Phnom Penh Post - CBC wins consumer credit reporting award

CBC wins consumer credit reporting award

Content image - Phnom Penh Post
CBC CEO Oeur Sothearoath. Photo supplied

CBC wins consumer credit reporting award

Independent financial information provider Credit Bureau (Cambodia) Co Ltd (CBC) scooped an award for “Excellence in Consumer Credit Reporting”, CBC said in a January 5 press release.

UK-based “reputed international business magazine” Global Business Outlook (GBO) honoured the locally-owned CBC for its “exceptional performance” in Cambodia’s consumer reporting landscape, CBC said.

It said: “CBC is the only company from Cambodia to receive a GBO award under the ‘Finance’ category in 2020. GBO awards recognise companies around the world that have performed in exceptional terms, created great value, business edge and market recognition.”

CBC CEO Oeur Sothearoath said the award reflects the company’s efforts to enhance risk management in the Kingdom’s financial sector, which is enjoying a years-long boom.

He said: “The award recognises CBC’s contribution to industry-wide credit risk management by filling in critical information gaps between lender and borrower. CBC’s solutions promote credit market transparency and efficiency which contributes to overall financial sector stability in the country.”

CBC added: “In November 2020, CBC launched the second generation of K-score which is the only comprehensive industry-wide credit score in the country that was upgraded to reflect the most recent trends and needs of the market to enable more reliable and predictive credit risk assessment.

“Earlier in 2020, CBC launched the new version of Data Analytics Report which enables member financial institutions to track and monitor their performance and risk levels compared to their sector and the industry.

“CBC was established in 2012, currently provides credit reporting solutions covering more than six million consumers catering to credit risk assessment and data analytics needs of 167 financial institutions. CBC has been directly contributing to financial inclusion and enabling business environment in Cambodia.”

As of December 31, 2019, there were 47 commercial banks operating in the Kingdom comprising 17 local banks, 17 subsidiaries and 13 foreign branch banks, according to the National Bank of Cambodia (NBC).

There were 15 specialised banks, seven microfinance deposit-taking institutions (MDIs), 76 microfinance non-deposit-taking institutions, 245 rural credit institutions and 15 financial leasing companies.

Deposits and outstanding loans rose sharply by 25 and 26 per cent respectively in 2019 over 2018, the NBC said in its Macroeconomic and Banking Progress 2019 Report and 2020 Outlook.

Outstanding loans reached $19.6 billion and deposits at Cambodia’s seven MDIs reached $22 billion in 2019.

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the

  • Soaring global fuel prices: an opportunity for Cambodia?

    Cambodia is feeling the squeeze from the soaring global coal and oil prices. Electricity du Cambodge (EDC)would certainly be hurting from this reality, and most likely re-assessing its plans to add more coal power stations. EDC buys half of Cambodia’s electricity from plants

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when