The Credit Bureau of Cambodia (CBC) announced recently that it will launch a commercial credit reporting service by the end of May.
CBC obtained approval for its Commercial Credit Reporting System from the National Bank of Cambodia in December, according to Oeur Sothearoath, the institution’s CEO. “We just got a green light from the Central Bank, so we hope we can make this service available by the end of this month the latest,” Mr Sothearoath said, adding that, “More than 50 banks will use this system.”
Commercial credit reports are used by lenders to assess a company’s creditworthiness. Mr Sothearoath said they show firms’ credit payment history and other relevant information collected from banks and other financial institutions. Reports include credit summaries, any previous inquiries, and shareholder information.
Mr Sothearoath said the reports improve the decision-making process and help reduce risks when disbursing loans. He said it helps lenders have access to “the full picture” before making a final decision.
In Channy, president of Acleda Bank, welcomed the news saying it will improve the lending process for financial institutions. “I am glad that CBC will launch commercial credit reports in addition to its consumer credit reports. These reports give financial institutions more information and help them save time.”