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Home ASIA Cambodia

Credit Bureau Cambodia wins prestigious recognition

January 8, 2021
in Business, Cambodia, National
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Credit Bureau Cambodia wins prestigious recognition
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The Credit Bureau Cambodia (CBC) has been recognised for its “Excellence in Consumer Credit Reporting” in Cambodia by Global Business Outlook (GBO), a well-respected international business magazine based in the UK.

The GBO jury selected and evaluated CBC for the recognition based on its exceptional performance in the consumer reporting landscape in Cambodia. The CBC is the only Cambodian organisation to receive a GBO award under the finance category in 2020. GBO awards companies around the world that have performed exceptionally during the business year.

CBC’s Chief Executive officer (CEO) Oeur Sothearoath said the decision recognises its contribution to industry-wide credit-risk management by filling in critical information gaps between lenders and borrowers. He added that CBC’s solutions promote credit market transparency and efficiency that contribute to overall financial sector stability in the country.

“The criteria that GBO uses are exceptional performance in the specific field of the award, value creation, business edge and market recognition,” Sothearoath added. “CBC has been recognised for its contributions towards enabling a sound business environment, credit market efficiency and financial inclusion.”

Since 2012, CBC has been providing financial information, analytical solutions and credit reporting services to financial institutions and individuals in the Kingdom. CBC serves as a key financial infrastructure in the country, bridging information asymmetries between lenders and borrowers that enable efficient credit risk management and a wider access to finance.

“Our monitoring and analytics solutions enable lenders to track their portfolio and performance compared with other industry players. We are constantly developing and enhancing solutions to enable financial institutions to utilise a vast pool of data to promote credit market transparency and automate decision-making,” said Sothearoath.

He added diversifying its data sources and tapping alternate data to cover credit invisibles will be a priority for the CBC in promoting comprehensive credit reporting and financial inclusion.

He also said: “We are open to strategic partnerships towards this end. Since November 2020 individuals in the country have been able to use our mobile app to receive their credit report, credit score and credit monitoring alerts.”

Established in 2012, CBC currently provides credit-reporting solutions covering more than 6 million people to meet the credit risk assessment and data analytics needs of 167 financial institutions. In November 2020, the CBC launched the second generation of K-score, the only comprehensive industry-wide credit score in the country. K-Score was upgraded to reflect the most recent trends and needs of the market to enable more reliable and predictive credit-risk assessment.

Earlier in 2020, the CBC launched the new version of its Data Analytics Report that enables member financial institutions to track and monitor their performance and risk levels compared with their sector and the industry. With the onset of COVID-19 and rising economic uncertainty, financial institutions have actively adopted CBC value-added solutions to allow tracking and monitoring of their portfolios and to identify early warning of risk signals. In 2020, the CBC undertook a major digitalisation initiative to enable all citizens throughout the country to conveniently access financial health services by launching a CBC mobile app allowing individuals to adopt better credit-management practices towards improving their creditworthiness.

This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.

Tags: CambodiaCBCCredit Bureau Cambodia
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