JACCS Finance (Cambodia) Plc., a company engaged in the provision of consumer credit services, officially launched operations in the kingdom yesterday.
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The company is a subsidiary of Japan Consumer Credit Services (JACCS), which is a member of Mitsubishi UFJ Financial Group.
“We aim to serve Cambodia’s economic growth and enhance people’s livelihoods through financial services in Cambodia,” Yasuyoshi Itagaki, CEO of JACCS Finance, said during the launching ceremony, held in the Japanese Embassy in Phnom Penh.
JACCS Finance was granted a licence from the National Bank of Cambodia in January, according to Mr Itagaki.
Cambodia will be the fourth market outside Japan where JACCS operates. In 2010, the company launched a subsidiary in Vietnam. Indonesia and the Philippines followed in 2012 and 2016, respectively.
“Our goal is to expand personal consumption. Demand for durable consumer goods like motorcycles and home appliances will continue to grow,” the company said in a press release.
“Our work will contribute to the economic development of the country and to the improvement of people’s lives,” it said, adding that the company will endeavour to teach Cambodians about the consumer credit business.
Ouk Maly, vice-governor of the National Bank of Cambodia, said during the event that the presence of JACCS in the local market is strong indication that Japanese investors are increasingly placing their trust in Cambodia.
“I firmly believe that JACCS Finance will contribute to the development of the banking sector in Cambodia and promote financial inclusion,” he said.
JACCS Finance will be the twelfth leasing financial company to operate in Cambodia, according to the National Bank.
The kingdom currently has 39 commercial banks, 15 specialised banks and 79 microfinance institutions.