Veda Advantage Technology Deployed Successfully

Just one year after the Credit Bureau Cambodia (CBC) was formed the positive effects are being felt in the country’s banking sector and the general Cambodian economy according to the National Bank of Cambodia, The International Financial Corporation and the CEO of the new bureau.

Speaking at the Credit Bureau’s annual update meeting in Phnom Penh to an audience of 300 banking and investment professionals Her Excellency Neav Chanthana, The Deputy Governor of The Bank Of Cambodia addressed the audience stating that “The Cambodia Credit Bureau implementation has been held up as an example of a timely, thorough and well-executed implementation of a centralized credit reporting system internationally. We are all starting to better understand that corporate responsibility, reliability and trustworthiness will be the characteristics of a country’s banking sector that will hold the most value to investors in the future.  We have made an important step; by improving the transparency of our credit system we have taken a step towards greater sustainability.  Thanks to the CBC we are better equipped to cope with the inevitable increase in the pace of change in the years to come.”

Mr Garry Wood, The Chief Executive Officer of the Credit Bureau Cambodia Co Limited (CBC) stated:  “In the past 12 months The Credit Bureau Cambodia has conducted over 1.7 million credit reports, and increased the average number of credit reports from 120 per day in 2012 to over 11,000 per day in 2013. The appetite for financial products in Cambodia is increasing, whilst at the same time the number of loans being approved based on accurate credit reports is growing. I am pleased to report that the Credit Bureau is stable, sustainable and delivering value to our members.  With healthy and transparent lending and credit policies Cambodia is more appealing to external investors, loans are easier to come by and of course those people that are already in debt are protected from becoming over indebted.”

Mr Antony Lythgoe the Head of Financial Infrastructure for the International Financial Corporation speaking at the event stated, “Inadequate access to formal financial services represents one of the most critical constraints to economic development in particular for rural and self-employed households…. Helping customers understand the mechanics of a credit history has been proven to improve repayment behavior, allowing them in turn to access better credit terms, it also allows lenders to better calculate appropriate debt service ratios and thereby prevent customers from becoming over indebted.  Making your first birthday in a credit reporting environment and having a functional bureau that is already adding value to all the stakeholders within just twelve months is indeed a creditable achievement”

About Credit Bureau Cambodia Limited:  The mission of the Cambodia Credit Bureau (CBC) is to promote growth in The Kingdom of Cambodia by encouraging responsible borrowing and lending within the Cambodian Economy.  An accurate and reliable credit reporting capability is essential to the financial stability, development and economic diversification of the Kingdom of Cambodia.  Its mission is to provide accurate real time credit information to Cambodian businesses and consumers, decreasing the risk of lending for businesses whilst at the same time making capital accessible to more Cambodian business and consumer borrowers.  The CBC is a joint venture between the Association of Banks, Cambodia Microfinance Association and Veda Advantage the supplier of the Credit Bureau technology.

Source:  Credit Bureau Cambodia (CBC)