Access to financing has improved in recent years due to closer cooperation between financial institutions and the Credit Bureau of Cambodia (CBC) – a provider of financial information and credit reports.
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In 2017, the kingdom came seventh in the ‘Getting Credit’ category of the World Bank’s ‘Ease of Doing Business’ ranking, despite getting a very poor overall score, ranking 131 out of 190 nations.
“We are very proud our activities have allowed Cambodia to improve its position in the WB’s ranking, particularly when it comes to securing credit,” said Oeur Sothearoath, CEO of CBC, speaking during a ceremony on Friday held to commemorate CBC’s fifth anniversary.
“Our credit bureau is widely praised as being a successful model,” Mr Sothearoath said. “We are feeling great pride to contribute to Cambodia’s economic development.”
Commending operations in 2012, CBC is Cambodia’s leading provider of credit information, analytical solutions and credit reporting services to banks, microfinance institutes, leasing companies credit operators and consumers in Cambodia.
CBC’s data is used for individual credit reports, public market reports and professional services for financial institutions.
Neav Chanthana, deputy governor of the National Bank of Cambodia (NBC), said the work of CBC has given borrowers more extensive and faster access to credit, adding that the new WB ranking has already attracted new investors into the country.
“CBC provides the tools to analyse and reduce credit risks, as well as increasing transparency in providing credit.
“CBC’s achievements reflect the development of the country’s financial infrastructure. Strengthening the credit information system is important for customers and the financial sector,” Mrs Chanthana said.
Working with 141 financial institutions in the country and more than five million borrowers, CBC has generated over 13 million individual credit reports, Mr Sothearoath said.
All microfinance institutions, banks, leasing companies and credit operators registered with the NBC are CBC members. CBC is now targeting non-registered credit providers, according to Mr Sothearoath.