Corich Microfinance has officially launched offering leading digital products and services to individuals as well as small and medium-sized enterprises with new financing solutions to meet their capital needs.
Kevin Tang, General Manager of Corich Microfinance Plc explained the institution is officially licensed by the National Bank of Cambodia and will aim to support the development of Cambodia’s financial and economic sector, with its core business is land loans, micro loans, personal loans, and supply chain loans.
“We will also continue to understand the capital needs and financial services for all local personal consumption or SME development to launch more products and financial services that meet local needs. And to serve more Cambodian people as well as small and medium-sized enterprises,” Kevin said.
Digital transformation of Cambodia’s financial sector
H.E. Yim Leat a member of the commission on Economy, Finance, Banking, and Audit of the National Assembly attended the launch event and said the lender will bring more digital financial technology to the market.
“Modern new mobiles from abroad help develop business skills in the country in line with the Industrial Revolution 4.0 of the digital economy,” Yim said.
“In addition to the inauguration of the company this will also contribute to the Royal Government of Cambodia to promote the economic and financial sector to be more advanced,” he added.
Cambodia’s MFI sector appears ready to take the next step in digitalization by embracing emerging technology such as blockchain, artificial intelligence, and alternative data over the next two years, according to a recently released survey.
To read more about Cambodia’s Microfinance industry’s digital transformation click here.
Kevin Tang is also the CEO of Asia Money Fintech Company (AMFC), a fintech company in Taiwan with innovative financial technology that has over 20 years of financial management experience and rich experience.
With advanced credit risk management technology, the company has focused on consumer installment business and financial technology innovation for many years.
The cumulative number of customers served has exceeded 100,000, and the total financial assets under management have exceeded $200 million.
Bringing new financial products to the Cambodian market
AMFC has had strong development in the financial service business of scenario-based installment financial services (POS FINANCING), Buy Now Pay Later service, and P2P lending platforms.
“We provide consumers with a more user-friendly experience to meet shopping needs, solve operational difficulties for merchants to improve their profits, provide investors with more diversified debt investment solutions to accumulate personal wealth,” Keven Tang said.
“In the future, I also hope these new financial services, products, and technologies can be utilized in the Cambodian market through Corich, injecting new vitality and activating the market,” he added.
To read CIR Leader Talks with CMA Chairman Sok Voeun click here.
Because of AMFC’s business, Kevin Tang has visited Cambodia several times for real estate and economic research.
“Cambodia is a fast-growing country, full of many development opportunities. Some say that the development opportunities and track here are like in China. After returning to Cambodia after this epidemic, we also profoundly feel that the development speed of Phnom Penh is quite fast in all aspects,” Kevin said.
“There has also been considerable progress in some parts, so I am pretty confident in the future development of Corich MFI in Cambodia. We are determined to deepen the Cambodian market,” he added.
Cambodia’s Microfinance Association has over 120 registered members with a combined loan portfolio of approximately $12 billion and 2.5 million clients as of March 2022.