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New MFI in town, ‘more still needed’

New MFI in town, ‘more still needed’

ORO Financecorp Plc held its official launch on Friday, joining the growing ranks of microfinance institutions in the Kingdom.

ORO Financecorp started providing business, agricultural and tractor loans in January with a $4 million capital investment from Seng Enterprise Co Ltd of Cambodia and Creed Asia Investment Ltd of Japan.

CEO Chet Kimchin used Friday’s belated launch to talk up the company’s potential.

“Only 3.7 per cent of the total population of Cambodia use banking services, while 60 per cent of Vietnam’s population already have [bank accounts]; therefore, compared to other countries in the region, we have more than 90 per cent of market share remaining to catch up,” Kimchin said.

“We will differentiate ourselves from other MFIs with new and creative products with fewer requirements, and with competitive interest rates – rates that can compete in the market.”

With 43 microfinance institutions now operating in Cambodia, Bun Mony, president of the Cambodia Microfinance Association, said there is still room for more.

“More MFIs mean more capital for the economy’s improvement. More Japanese investors coming into Cambodia reflect their confidence on Cambodia economy,” he said.

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