Chief Bank, commercial bank in Cambodia, recently launched its micro-lending app ‘Chief Easy’, helping its customers easily avail of a loan.
The bank also entered into a Memorandum of Understanding with the real estate company, Zillennium Group, to introduce the latter’s workforce to the bank’s innovative services.
The event took place at Chief Bank’s Norodom branch, with representatives of Zillennium and the bank joining the media to view a presentation on how the new banking app works before the signing ceremony between Chief Bank CEO Soeung Morarith and Zillennium group Chairman Kuy Vat.
Chief Bank deputy general manager Tann Sim, explained to the Khmer Times who would be eligible for availing of a loan under the new micro-lending service, how the system works, and how it will be advantageous for many clients. “The first thing to do is download the Chief Easy app, and then register the information. Any customer who is resident with a valid national ID card and can show proof of employment of at least three months can apply for a loan of upto $1,000 and be re-paid over a year. It can be beneficial for many people who have moments when they need extra cash, such as buying a moto, a new phone or computer,” he said.
Sim also noted that Chief Easy is designed to work exceptionally quickly with approval of loans of these unsecured loans expected to take no longer than 24 hours after an application is submitted. He encouraged customers to take advantage of a special promotion while it lasts.
“We have a promotion campaign for Chief Easy loans, which will offer 100 percent cash back on interest payments for loans approved before April 30 of this year,” Sim said.
Also unveiled during the video presentation was a product Sim said would serve as a tool in the work of teaching financial literacy in the country. ‘Chief Child’ is a saving account designed for under those 18 years old who can get to experience the basics of banking and what it means to save and manage an account, following the account activities on a booklet the bank provides to the owner. The account can be opened as a joint account with the parents or guardian’s account, in Khmer Riel or US Dollars, and with a sum as small as $25 or 100,000, which will be subject to a generous interest rate of 3.70 percent. Here also, there is a promotion for those who manage to open an account before June 30 of this year, with a princely figure of 3.95 percent p.a. being applied.
CEO Soeung Morarith said after the signing ceremony that he was gifting his daughter an account for her birthday.
Zillennium, which operates as an online real estate marketplace providing integrated services with a network of businesses and partners, will be availing of Chief Bank’s salary payment mechanism and promoting the Chief Easy micro-lending to its employees. Sim said he also sees a number of other collaborations in the pipeline between the two, including larger corporate deals, with the Zillennium Group and their local partners.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.