Japan Consumer Credit Service (JACCS), a Japan-based company engaged in the provision of consumer credit services and a member of the Mitsubishi UFJ Financial Group, will open a subsidiary in Cambodia in March as part of expansion plans for Southeast Asia.
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The company, which received the operating licence from the National Bank of Cambodia last month, will open its local branch under the name JACCS FINANCE (CAMBODIA) Plc.
“We will offer financing services for Japanese motorcycles and will eventually expand into home appliances and cars,” the company’s press release said.
“Cambodia maintains high economic growth, exceeding 7 percent since 2011, which is expanding income levels for its middle class. Our goal is to expand personal consumption. Demand for durable consumer goods like motorcycles and home appliances will continue to grow.
“Our work will contribute to the economic development of the country and to the improvement of the lives of the people,” it said, adding that the company will endeavour to teach Cambodians about the consumer credit business.
JACCS has been present in Vietnam since 2010, Indonesia since 2012 and the Philippines since 2016.
“We are striving to proactively develop overseas businesses centred on Asean member countries. Cambodia will be the fourth Asean economy where we are present.”