ACLEDA and Credit Bureau Cambodia (CBC) have inked a deal that makes it easier for customers to conduct credit checks ahead of applying for a loan through the bank’s app.

Cambodia’s first listed commercial bank has signed an agreement with the nation’s leading credit reporting service provider to offer a financial health check service via ACLEDA’s mobile app.

In Channy, ACLEDA president and group managing director, said the move follows an initial 2019 business partnership between the two organizations to provide financial health check services. This allows clients to check their own credit history at ACLEDA Bank branch offices.

[From left to right] Mr. Oeur Sothearoath, Chief Executive Officer of Credit Bureau (Cambodia) Co., Ltd.; Dr. In Channy, President & Group Managing Director of ACLEDA Bank Plc. Photo supplied.

Obtaining a financial health check is a key step before applying for a loan, as this condition is also required by law and helps protect the client and the financial sectors from risks.

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This latest deal is the second step, with clients now able to access financial health checks through ACLEDA’s mobile app. This provides a faster, easier way for customers to request their credit report from their smartphones, with moderate fees.

The CBC function in ACLEDA Mobile will show the history of borrowing and repayment of customers with ACLEDA Bank or other banks and financial institutions.

Oeur Sothearoath, Chief Executive Officer of CBC, said, “Our continued partnership with ACLEDA Bank aims to serve 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.

“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.”

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[from left to right] Group photos: Management of Credit Bureau (Cambodia) Co., Ltd.; Management of ACLEDA Bank Plc. Photo supplied.

Personal credit reports record individual borrower’s credit payment history compiled from financial institutions that are members of CBC. All lending financial institutions are required to report credit information to CBC.

Lenders need to check the loan requester’s personal credit file to assess their creditworthiness before deciding to issue a loan. A good credit repayment history will make it easier for a requester to qualify to receive a loan.

Currently, ACLEDA has four subsidiaries: ACLEDA Institute of Business, ACLEDA Securities Plc., ACLEDA Bank Lao Ltd., and ACLEDA MFI Myanmar Co., Ltd. as well as representative offices in Myanmar.

By the end of March 2023, ACLEDA Bank had $9.44 billion in total assets, $6.58 billion in total credit balances, and $6.79 billion in total savings deposits, with more than 4.07 million customers. At the end of April, the bank had 2.76 million subscribers to ACLEDA Mobile and 240,000 business.

Since 2012, CBC has been assisting customers in managing the risks and rewards of commercial and financial decisions through a range of solutions: Consumer Credit Report, Commercial Credit Report, K-Score, Data Analytics Report, Credit Risk Heat Map, Portfolio Monitoring Service, Portfolio Review Service, Customized Solutions and Digital Real Estate Appraisal.

CBC serves a member base of more than 190 financial institutions including Commercial Banks, Specialized Banks, Microfinance Deposit Taking Institutions, Micro-Finance Institutions, Leasing Companies and Rural Credit Institutions. [Partnered Content]