Home » The 10th Anniversary of Credit Reporting in the Kingdom is celebrated by CBC.

The 10th Anniversary of Credit Reporting in the Kingdom is celebrated by CBC.

by Surya Narayan
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Credit Bureau (Cambodia) Co., Ltd. (CBC) celebrated the tenth anniversary of the Kingdom’s credit reporting system at the Sofitel Phnom Penh in the presence of Her Excellency Ouk Maly, Deputy Governor of the National Bank of Cambodia (NBC), and Her Excellency Dr Chea Serey, Chairwoman of the CBC and Assistant Governor and Director General of Central Banking, National Bank of Cambodia.

The event was attended by distinguished officials from NBC, the Ministry of Economy and Finance, key ministries, and leaders from CBC’s 181 member financial institutions to congratulate CBC on its 10-year journey of impact on the Cambodian financial industry.

Over the last decade, CBC has had a substantial impact on financial sector stability. Credit reporting has been critical in bridging information gaps between lenders and borrowers, allowing lenders to promptly assess credit risks and make lending decisions, allowing access to finance. As an important part of the Kingdom’s financial infrastructure, CBC has consistently and progressively evolved to meet the increased needs of member financial institutions by using innovative technology.

The National Bank of Cambodia licensed CBC on March 19, 2012, with the purpose of strengthening credit risk assessment and enabling a fair, transparent, and well-managed credit market for the country’s financial institutions. CBC has expanded over the past decade, with membership increasing from 51 in 2012 to 181 in 2022.

CBC also hosted a Business Forum on the theme “Credit Risks, Emerging Uncertainties, and Digital Disruptions” to celebrate its tenth anniversary. Senior financial industry executives used technology breakthroughs to share their views on the evolution and adaptation of the credit market in the face of crisis and economic uncertainty.

CBC is now an enabler of a data analytics-driven decision-making ecosystem that promotes credit risk management through a range of business intelligence, data analytics, and predictive analytics solutions for loan application assessment, portfolio monitoring, and strategic analysis. Following the release of a new generation of Data Analytics Report (DAR) and K-Score in 2020, CBC introduced the country’s first Credit Risk Heat Map, which is available to all members.

During the 10th anniversary Gala Dinner, the National Bank of Cambodia presented CBC with an appreciation certificate for its contributions to credit risk management, credit market transparency, and financial inclusion. CBC also presented awards to ten member financial institutions who excelled in data quality, data contribution, industry engagement, and data innovations during the occasion.

“Bringing all citizens and businesses under the credit reporting system to promote responsible financial inclusion and sustainable economic growth is a crucial commitment under CBC’s plan,” said Her Excellency, Dr Chea Serey, Chairwoman of CBC. As we enter the next decade, CBC envisions a cross-border credit reporting framework that will allow access to finance without regard to geography. We expect that through collaborations with utilities, telecom, and payment companies, CBC will be able to leverage a variety of other data sources in the coming years.”

Mr. Oeur Sothearoath, CEO of CBC, said, “During this ten-year journey, we have provided a modern and secure reporting and analytics infrastructure to our member financial institutions to enable an efficient and transparent credit market.” Our ambition for the next decade is to actually create a frictionless decision-making environment for our members, with data and technology at their fingertips.”

CBC has a deep commitment to society and its people. On the occasion of its tenth anniversary, CBC launched the CBC Scholarship Scheme, a unique example of industry-academia collaboration with the Royal University of Phnom Penh and the Royal University of Law and Economics to prepare future job-ready graduates in Data Science, Economics, and Management.

CBC’s Employee Innovation Programme, which is an open platform for employees to contribute ideas for the company’s growth and development, has entered its second year.

Source: B2B Cambodia and FB page of CBC

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