Latest Progress in Credit Reporting to Promote Financial Inclusion in Cambodia
IFC, a member of the World Bank Group, and the Credit Bureau Cambodia (CBC) jointly organized a symposium in Phnom Penh last week 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.
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.