Logo of Phnom Penh Post newspaper Phnom Penh Post - Start-up disburses $1.5M in microloans

Start-up disburses $1.5M in microloans

Start-up disburses $1.5M in microloans

Lending start-up Digicro Pte Ltd has disbursed more than $1.5 million in Cambodia through its mobile app Spean Loan since its launch last March, according to a report by Japanese news agency NNA.

The app has been downloaded 350,000 times across all 25 provinces in the Kingdom, keeping a repayment rate of more than 90 per cent as of January.

Digicro, a Singapore-based company headed by Japanese national Yuta Nagano, offers small loans (from $50 to $100) to people without access to banking facilities.

Its app Spean Loan uses machine learning to build a credit scoring system and evaluate a client’s ability to repay.

Nagano told The Post that more than 60 per cent of Cambodians have access to the internet. Still, many of them can’t get a loan because they lack the necessary documents, don’t have collateral or live in remote areas beyond the reach of traditional banks.

“Our team developed Spean Loan to help those who are underserved. The instant approval means micro-entrepreneurs can access the working capital they need each day or any emergency funds,” he said.

He noted that through Spean Loan, users can apply for a loan without paperwork or having to visit a bank.

Vithey Microfinance Plc CEO Bun Mony told The Post on Tuesday that he welcomed services like Spean Loan because they give customers more options and access to better interest rates.

“We welcome this service. It is unlikely that it could negatively affect the microfinance sector. It enhances access to loans,” he said.

National Bank of Cambodia deputy governor Neav Chanthana said 59 per cent of Cambodia’s adult population has access to formal financial services, of which 17 per cent is with banking institutions.

Another 42 per cent are with other financial institutions, 12 per cent with informal financial services and 29 per cent with both formal and informal financial services.

“To access financial knowledge is fundamental to improve financial inclusion in Cambodia,” she said.

Digicro has recently raised $1.2 million through third-party allotment and borrowing for development to improve its credit-screening systems, the NNA report said.

The company is also planning to launch an online service in Myanmar in 2020 to provide credit score assessment software for small-sized financial institutions.


  • 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

  • Five-year-old Hanuman dances his way into hearts of Cambodia

    A young talent from a new-established settlement has emerged, captivating the online world with his mesmerising performances of the traditional Cambodian monkey dance. Roeun Kakada is a five-year-old prodigy who has taken the social media sphere by storm with his exceptional dance skills and dedication

  • 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,

  • Honda shutters Siem Reap football club

    Japanese football legend Keisuke Honda, the owner of Siem Reap football club Soltilo Angkor FC, has been forced to shut the club down, after it failed to attract sponsorship for the upcoming season. Honda, the former manager of the Cambodia men's national football team, said

  • Hun Sen warns of regional tensions

    ASIA is becoming a dangerous geopolitical hotspot, with several countries announcing that they intend to send naval vessels towards Southeast Asia and on to the South China Sea, warned Prime Minister Hun Sen. “Heated geopolitical issues can easily escalate, namely to war. I am not

  • PM declares ASEAN Para Games open

    The 12th ASEAN Para Games officially kicked off on the evening of June 3 at Morodok Techo National Stadium in Phnom Penh, with a spectacular opening ceremony featuring fireworks and performances by some of the Kingdom’s most accomplished talents. Tens of thousands of sports fans