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.