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Latest Progress in Credit Reporting to Promote Financial Inclusion in Cambodia

Phnom Penh, Cambodia, May 3, 2019 —IFC, a member of the World Bank Group, and the Credit Bureau Cambodia (CBC) jointly organized a symposium in Phnom Penh today to share the latest progress in the development of the credit reporting system and its potential impact on Cambodia’s financial sector.
Entitled ‘Taking Stock, Deepening Reach,’ the event was attended by over 150 representatives from financial institutions, government agencies, business and trade associations, fintech companies and development partners.
At the event, H.E Chea Serey, Chairwoman of CBC, and Director General of the National Bank of Cambodia said, “CBC has just announced the soft launch of the commercial credit reporting system, which allows our members to check the credit information of business entities. Once commercial reporting is fully available, CBC will also develop value-added services, including hybrid reports linking consumer data and commercial information on SME borrowers, which are much needed by business lenders.” She added, “These services are important to complete the credit profile of SME borrowers and will increase the value of credit reporting for lenders. They are also essential for the central bank to monitor the whole credit market to maintain financial stability.”
An impact study—undertaken by an independent credit reporting expert from Europe—was also presented at the symposium. The study confirmed the positive impact of the Credit Reporting on the economy and society. Based on surveys in this study, credit reporting data had a weightage of 36 percent in personal lending decisions. It further reduced the loan application processing time by 32 to 57 percent on average over five categories of credit, four years after the credit bureau was in operation.
“We are pleased to have assisted with the creation and growth of CBC. The positive findings of the independent study is noteworthy and should generate further support for the credit reporting system,” said Kyle Kelhofer, IFC Country Manager for Cambodia, Lao PDR, and Vietnam. He added, “The newly-launched commercial reporting system will prove valuable for a safe and inclusive expansion of business finance in Cambodia, especially for SMEs. We look forward to working with Cambodian partners to further strengthen the country’s financial infrastructure. An efficient movable asset finance system, a comprehensive credit reporting system, and an effective insolvency regime are necessary to encourage private sector development, thereby bolstering the competitiveness of Cambodia’s economy.”
IFC’s advisory program on credit reporting is being supported by the governments of Japan and Canada, and Switzerland’s State Secretariat for Economic Affairs (SECO).
Since 1997, IFC has invested and mobilized more than $950 million in Cambodia, focusing on financial, education, infrastructure, and agribusiness services. Since 2014, IFC’s advisory team has worked with CBC on the development of commercial credit reporting to facilitate better access to finance for the registered enterprises. IFC is also helping with the development of a financial consumer-protection regime in Cambodia.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
About CBC
Credit Bureau Cambodia is the leading provider of credit information, analytical solutions, and credit reporting services to banks, microfinance institutions, leasing companies, credit operators and consumers in the Kingdom of Cambodia.
CBC has been operated since March 2012, with a strong support from the National Bank of Cambodia (NBC), the Association of Banks of Cambodia (ABC), the Cambodian Microfinance Association (CMA) and the International Finance Corporation (IFC). CBC promotes greater financial stability by providing accurate real time data to consumers and industry that helps them control the financial aspects of their businesses. It allows businesses to manage credit risk, prevent fraud and automate decision-making. CBC also helps individuals to check their credit report to ensure they have access to loans and finance and to protect themselves against identity theft.
CBC is a joint venture between Credit Bureau Holding Cambodia (represented by the ABC and CMA) and Equifax Cambodia Holding Pte. Limited (ECH) who has significant global footprint operating leading credit bureaus.  ECH is a Singapore incorporated company established as a joint venture between Asia Credit Bureau Holdings Pte Ltd (ACB), a Singapore-based company and Equifax company (United States).
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