Cambodian banks for the first time have a tool to extensively assess the creditworthness of potential borrowers, local media reported on Thursday.
The government with the help of the Asian Development Bank (ADB) , has established the first nationwide Credit Information Sharing System (CIS) among all 18 commercial banks, The Cambodia Daily quoted the National Bank Director General Tal Nay Im as saying.
By the end of the month, all the banks will have submitted reports of negative credit information into the Web-based system.
The CIS database provides credit information on past due and defaulting borrowers and maintains the confidentiality of existing lenders by not disclosing the name of the lenders.
The pilot project will be monitored by the National Bank of Cambodia (NBC) for violations of borrower privacy and will only include information on failures to repay loans in the beginning. Later, a private credit bureau will be granted a concession to run the information system.
"With the development of the habit of using credit information, good borrowers will benefit and have greater access to finance," Tal Nay Im said.
Access to loans is a major problem in Cambodia, with 700 million U.S. dollars in the possession of banks that are unwilling to take risks on local borrowers, she said.
Source: Xinhua
The government with the help of the Asian Development Bank (ADB) , has established the first nationwide Credit Information Sharing System (CIS) among all 18 commercial banks, The Cambodia Daily quoted the National Bank Director General Tal Nay Im as saying.
By the end of the month, all the banks will have submitted reports of negative credit information into the Web-based system.
The CIS database provides credit information on past due and defaulting borrowers and maintains the confidentiality of existing lenders by not disclosing the name of the lenders.
The pilot project will be monitored by the National Bank of Cambodia (NBC) for violations of borrower privacy and will only include information on failures to repay loans in the beginning. Later, a private credit bureau will be granted a concession to run the information system.
"With the development of the habit of using credit information, good borrowers will benefit and have greater access to finance," Tal Nay Im said.
Access to loans is a major problem in Cambodia, with 700 million U.S. dollars in the possession of banks that are unwilling to take risks on local borrowers, she said.
Source: Xinhua
2 comments:
Start with Hun Sen negative report then down the line including all over 200 high level governmental office holders.
Good for them!
It is really cool for everybody to have such possibilities today. Credit systems become available even in countries like Cambodia. It makes their life easier and better!
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