New Credit Bureau to make Cambodia more competitive

“New Credit Bureau to make Cambodia more competitive”

Phnom Penh Cambodia – 16th December 2011

Cambodia’s economy takes a significant step forward today with the announcement of the new Credit Bureau Cambodia.

Credit Bureau Cambodia is a central database of credit information that helps banks and Micro Finance Institutions (MFIs) share their customer repayment histories. The CBC assists lenders in making accurate loan decisions based on a borrower’s positive and negative credit history.

The company is a joint investment by the Association of Banks in Cambodia, Cambodian Microfinance Association, and Veda Advantage (NZ) Ltd, a leading global supplier of credit system technology and software.

Garry Wood, General Manager for the Credit Bureau (Cambodia) Co., Ltd (or “CBC”) explained the importance of the bureau to Cambodia’s economy.

“With a central point to consolidate credit information, banks and MFIs make lending decisions based on both positive and negative data.

Positive information about a consumer’s credit history will be taken into account when accessing them for creditworthiness; before the Credit Bureau’s existence this data was not shared between lenders. According to the published financial data, it showed that there is an average increase in loan approvals of around 90% when positive information about a borrower is taken into account, this means easier access to finance for consumers and companies in Cambodia.”

There are multiple benefits to the consumer and the banking sector thanks to the Credit Bureau’s existence.

Borrowers will benefit from faster processing times on loan applications. Borrowers with a good history of repayment will also enjoy lower interest rates as lenders price the risk of a loan accordingly. For those that have bad repayment histories they will be protected from over-indebtedness and credit worries in the future.

The financial sector in Cambodia now has more accurate information on which to base its lending decisions, this means that the amount of non-performing loans reduces which helps build confidence in the Cambodian economy.

A fair and transparent information system helps promote confidence among finance vendors and consumers, resulting in greater volumes of transactions. This means that small businesses will find it easier to secure loans allowing them to expand their business and create more employment opportunities. According to the published economic data the possibility of a small firm getting a bank loan jumps dramatically from 28% to 40% with a credit bureau in place.

The CBC system is an essential building block in providing financial institutions in Cambodia with modern tools to improve credit-granting processes. Average credit ratings for economies with credit bureaus in place are significantly higher than those without credit bureaus, making them a much more compelling destination and less risky for investors.

National Bank of Cambodia signed into law a Prakas (edict) on Credit Reporting in May 2011 to facilitate the activities of credit reporting and information sharing between banks and MFIs.

The edict defines that there are clear policies and procedures to handle complaints and requests from individuals regarding their data. It also defines that no data other than credit data shall be used, for example no data related to a consumer’s political tendency, beliefs, color, race or personal information is allowed to be stored in the new system. It also limits access to this data to authorised users that have committed to the relevant Code of Conduct with the CBC.

This Code of Conduct defines what information banks and MFIs must share with the CBC; it also defines the right of the consumer to ensure that all credit data held is accurate. If a consumer has inaccurate information on their credit report they can inform the CBC who will query it with the relevant data provider within five days.

Anyone can check their own credit report; they simply need a form of identity and fill in the relevant paperwork at the CBC. They will within ten (10) business days be provided with access to their full credit report file free of charge once per year. Further requests for shorter periods will cost $5.00 per report

CBC has started its operations on the 7th of December 2011 and banks and MFIs have a 90-day grace period before they are required by the National Bank of Cambodia to complete connection to the system.

CBC estimates that the first consolidated credit reports will be available to member institutions in February with consumers seeing the benefits of the new system through easier loans access and faster approval times as early as March next year.

About Credit Bureau (Cambodia) Co., Ltd

The mission of the “Credit Bureau (Cambodia) Co., Ltd” (or CBC) is to promote growth in Cambodia by encouraging responsible borrowing and lending within the Cambodian Economy. An accurate and reliable credit reporting capability is essential to the financial stability, development and economic diversification of the Kingdom of Cambodia.


Our mission is to provide accurate real-time credit information to Cambodian businesses and consumers, decreasing the risk of lending for businesses whilst at the same time making capital accessible to more Cambodian businesses and consumer borrowers.

Press & Media Contact

Name            : Steve Vaile

Title            : Communications Consultant

Company            : Credit Bureau (Cambodia) Co., Ltd

Email            : អាសយដ្ឋាន​អ៊ីមែល​នេះ​ត្រូវ​បាន​ការពារ​ពី​សំបុត្រ​​ឥត​ប្រយោជន៍​ផ្សេងៗ។ អ្នក​ត្រូវ​ការ​អនុញ្ញាត JavaScript ដើម្បី​មើល​វា។

Telephone            : 097-7007-018



CBC Office

(2nd floor) #10 St. 242,

Chaktomuk, Daun Penh.

Tel            : 023-967-001

Fax            : 023-967-004

Email            : អាសយដ្ឋាន​អ៊ីមែល​នេះ​ត្រូវ​បាន​ការពារ​ពី​សំបុត្រ​​ឥត​ប្រយោជន៍​ផ្សេងៗ។ អ្នក​ត្រូវ​ការ​អនុញ្ញាត JavaScript ដើម្បី​មើល​វា។

Website            :

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