All Wing Money App users can now electronically request their credit reports from Credit Bureau Cambodia (CBC) to check their credit history necessary for loan requests at any financial institution. Previously, applicants would need to travel to CBC’s physical office and request the report.
Users will be charged $5 for each self-request of their personal credit report made through the Wing Money App. The CBC report will then be emailed to the respective user within three working days.
Han Peng Kwang, Chief Executive Officer of Wing Bank (Cambodia) Plc, said: “Now, clients who need to request a loan can take their first step by opening our Wing mobile app and requesting their CBC report. The process is entirely confidential and well-protected through our cutting-edge technology.”
Users’ credit scores range from 100 to 1700 are derived from individual credit reports based on data from more than 160 financial institutions that are members of the CBC. The scores are a combination of length of credit history, credit commitment, payment history, adverse information, and new credit applications.
All lending financial institutions are required to report credit information to CBC. Lenders need to check the loan requester’s personal credit file to assess their creditworthiness before deciding to issue a loan. A good credit repayment history will make it easier for a requester to receive a loan successfully.
Kaing Tongngy, Head of Communications at Cambodia Microfinance Association (CMA) told Cambodia Investment Review that this initiative is mostly about improving transparency to clients as they can check their credit history themselves to make sure their history was well recorded.
“There used to be cases where clients pay on time but were recorded late. So, this makes it easier for a client to verify their credit history and score,” Tongngy said.
“As Wing Bank has now become a commercial bank, they are now able to offer loans as part of their product offerings. Since all loan applications will require a CBC check so the app will make it easier to apply and get a loan. Other banks and MFIs are also moving in this direction as it increases efficiency,” he added.
The National Bank of Cambodia has insisted all financial institutions promote more financial literacy to their customers and encourage more people to take advantage of financial services.
Oeur Sothearoath, Chief Executive Officer of CBC, said: “The partnership with Wing Bank will allow us to serve a broader community across Cambodia. It reflects our commitment to provide accurate and real-time credit reports to borrowers, helping them make better financial decisions and promote financial inclusion.”
In Dec 2020, Wing Bank was granted a license from the National Bank of Cambodia to operate a commercial bank through its extensive digital financial ecosystem. There are nearly 10,000 Wing Cash Xpress Agents and they are presence in every district of the country and 3 million users of its digital wallet platform.
According to the Consumer Credit Index Report of Q1 2021, loan balances grew by 6.44% to reach $10.39 billion by end of the quarter. The total number of credit accounts also increased by 2.05% to 1.3 million.