ACLEDA Bank Partners with Credit Bureau (Cambodia) for Digital Financial Health Checks

Cambodia Investment Review

In a significant development in Cambodia’s banking industry, ACLEDA Bank Plc., the nation’s first listed commercial bank, has partnered with the Credit Bureau (Cambodia) Co., Ltd. (CBC), the country’s premier credit reporting service provider, to offer digital financial health check services.

This initiative, delivered via ACLEDA’s mobile app, offers customers a quick and convenient method to review their credit history from their smartphones. The collaboration between ACLEDA Bank and CBC represents the next step in providing accessible financial health check services to Cambodia’s population, following a successful business partnership established in 2019.

Read more: Visa Report Identifies Digital Revolution Opportunities in Cambodia’s Credit Landscape

Dr. In Channy, President & Group Managing Director of ACLEDA Bank Plc., noted the importance of this service, stating: “It is important for clients to have a financial health check before applying for a loan, as this condition is required by law and helps protect the client and financial sectors from risks.” Dr. Channy added that the ACLEDA mobile app’s new CBC function would “show the history of borrowing and repayment of customers with ACLEDA Bank or other banks and financial institutions.”

Digitizing The Banking Process

The agreement seeks to digitize an essential aspect of the banking process: the ability to review personal credit reports. Such reports record an individual borrower’s credit payment history from all financial institutions that are members of CBC. Before granting a loan, lenders are required to examine a loan applicant’s credit file to evaluate their credit worthiness. A positive credit repayment history can increase an applicant’s chances of qualifying for a loan.

CBC’s Chief Executive Officer, Mr. Oeur Sothearoath, welcomed the continued partnership with ACLEDA Bank, expressing the shared vision of serving a broader community of Cambodians across the country. “It reflects our commitment to provide accurate and real-time credit reports to borrowers, helping them make better financial decisions and promote financial inclusion,” Mr. Sothearoath said.

Management of Credit Bureau (Cambodia) Co., Ltd.; Management of ACLEDA Bank Plc.

This initiative is aligned with CBC’s digitalization strategy, an imperative more relevant in the context of the global pandemic. Mr. Sothearoath noted, “Keeping up with the digital transformation in our industry and society, this platform will be beneficial to all Cambodians and contribute to improving digital financial literacy across Cambodia.”

Ensuring Responsible Financial Behavior

Over 2.85 million users of the ACLEDA mobile banking app, as per ACLEDA’s 2022 annual report, stand to benefit from the new services. “Such convenience of accessing credit reports will also build habits for customers to regularly check their credit report and be aware of their credit worthiness,” Dr. Channy added, emphasizing the importance of fostering financial awareness among ACLEDA’s user base.

As digitalization accelerates in Cambodia’s banking industry and society at large, collaborations like these are essential steps toward ensuring responsible financial behavior and promoting widespread financial inclusion.

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