Tuesday, May 10, 2011

NZ'S Largest Credit Bureau Signs Deal With Cambodia

Source: Guide2.co.nz

AUCKLAND, 10 May 2011 - World-leading data-matching technology developed in Auckland has won credit bureau Veda Advantage a contract to build Cambodia's first credit bureau.

The company secured the contract in a global tender and negotiations have seen it become a 49 percent shareholder in the credit bureau, which is due for delivery this year.

Managing Director John Roberts says Veda competed with the world's top 10 credit bureaus to win the contract which he says was won on the quality of its intellectual property and technology platform especially its matching routines.


"This says we are globally best in class which is a huge endorsement for the work of Veda's international technology support desk working around the clock from the company's Auckland office."

The deal is initially worth $2 million but will grow annually as Cambodia's economy grows.

Co-investors in the bureau are the Association of Banks in Cambodia and the Cambodia Microfinance Association.

Mr Roberts says "Cambodia wants a credit bureau so its micro-financing sector can borrow money from the foreign banks now located in Phnom Penh. The foreign banks are happy to pump liquidity into Cambodia but only when they can assess credit risk with credit reporting data."

The Cambodian deal is the company's fourth weightless export success in the past 8 years.

In 2002 Veda Advantage sold its BureauStream software in Singapore where it entered into a joint development to build a consumer credit bureau for the Bankers Association of Singapore. This quickly became the benchmark for credit bureaus in the Asia and Middle East regions and more business followed.

It has since installed a credit bureau for the Central Bank of Malaysia, Bank Negara and for the Central Bank of Saudi Arabia. The later is the world's first bilingual Arabic language bureau.

Support for all these operations continues on a day-to-day basis from Auckland.

The company continues its work to identify further export opportunities with talks ongoing in China.

At the heart of Veda Advantage's export success is its intellectual property developed specifically for the New Zealand environment.

Because New Zealanders (unlike United States citizens) do not have a unique identity number for every person, data has to be collected from disparate sources and matched correctly. The company has developed highly accurate matching algorithms to achieve this. These are embodied in the company's BureauStream software.

Mr Roberts says "credit is critical to a growing economy and as the countries to Asia and the Middle East adopt new financial systems, more and more export opportunities will be available for Veda. This is great for the company, great for New Zealand's export returns and great for knowledge jobs in Auckland."

Veda's success overseas serves as a strong recommendation to New Zealanders that they have a world class credit bureau operating at home.

The company has invested millions of dollars in its database and technology to provide the most trusted and robust credit file data in New Zealand. It has also spent the last three years preparing for the country's move to comprehensive credit reporting in April 2012.

Mr Roberts says "Veda is an exemplar of a high technology business in New Zealand which is delivering a service not only directly to New Zealanders but to the economy in terms of export returns."

4 comments:

Anonymous said...

Koh Tral Island must not be forgotten

By Ms. Rattana Keo

Why do Koh Tral Island, known in Vietnam as Phu Quoc, a sea and land area covering proximately over 30,000 km2 [Note: the actual land size of Koh Tral itself is 574 square kilometres (222 sq miles)] have been lost to Vietnam by whose treaty? Why don’t Cambodia government be transparent and explain to Cambodia army at front line and the whole nation about this? Why don't they include this into education system? Why?

Cambodian armies are fighting at front line for 4.6 km2 on the Thai border and what's about over 30,000km2 of Cambodia to Vietnam. Nobody dare to talk about it! Why? Cambodian armies you are decide the fate of your nation, Cambodian army as well as Cambodian people must rethink about this again and again. Is it fair?

Koh Tral Island, the sea and land area of over 30,000 square kilometres have been lost to Vietnam by the 1979 to 1985 treaties. The Cambodian army at front line as well as all Cambodian people must rethink again about these issues. Are Cambodian army fighting to protect the Cambodia Nation or protecting a very small group that own big lands, big properties or only protecting a small group but disguising as protecting the Khmer nation?

The Cambodian army at front lines suffer under rain, wind, bullets, bombs, lack of foods, lack of nutrition and their families have no health care assistance, no securities after they died but a very small group eat well, sleep well, sleep in first class hotel with air conditioning system with message from young girls, have first class medical care from oversea medical treatments, they are billionaires, millionaires who sell out the country to be rich and make the Cambodian people suffer every day.

Who signed the treaty 1979-1985 that resulted in the loss over 30,000 km2 of Cambodia??? Why they are not being transparent and brave enough to inform all Cambodians and Cambodian army at front line about these issues? Why don't they include Koh Tral (Koh Tral size is bigger than the whole Phom Phen and bigger than Singapore [Note: Singapore's present land size is 704 km2 (271.8 sq mi)]) with heap of great natural resources, in the Cambodian education system?

Look at Hun Sen's families, relatives and friends- they are billionaires, millionaires. Where did they get the money from when we all just got out of war with empty hands [in 1979]? Hun Sen always say in his speeches that Cambodia had just risen up from the ashes of war, just got up from Year Zero with empty hands and how come they are billionaires, millionaires but 90% of innocent Cambodian people are so poor and struggling with their livelihood every day?

Koh Tral was a Cambodian island, and technically and legally, remained a Cambodian island until today.

Smart Khmer girl Ms. Rattana Keo,

Anonymous said...

The new policy of Hun Sen regime today is to kill all Ex Khmer Rouge because they are the true Khmer patriot that can be harmful to Hun Sen regime as Vietnam slave.

Hun Sen regime sends all Ex Khmer rouge soldiers to frontline fighting with Thai army without enough weapons and foods. Hun Sen ordered the front line army do not fire back to Thai Army while they bomb Ex Khmer Rouge over 50 000 shells. These actions are representing very clear that Hun Sen is trying to clear or kill all Ex Khmer Rouge army by using Thai hands.

The true and real Khmer patriots are the enemy of Hun Sen regime. Vietnam is scare of Ex Khmer Rouge Soldiers as they have been defeat Vietnam army (Over 10 000 Vietnam soldiers have been killed by EX Khmer Rouge Army in Cambodia. That is lead to Vietnam withdraw out of Cambodia) before 1993.

Anonymous said...

The new policy of Hun Sen regime today is to kill all Ex Khmer Rouge because they are the true Khmer patriot that can be harmful to Hun Sen regime as Vietnam slave.

Hun Sen regime sends all Ex Khmer rouge soldiers to frontline fighting with Thai army without enough weapons and foods. Hun Sen ordered the front line army do not fire back to Thai Army while they bomb Ex Khmer Rouge over 50 000 shells. These actions are representing very clear that Hun Sen is trying to clear or kill all Ex Khmer Rouge army by using Thai hands.

The true and real Khmer patriots are the enemy of Hun Sen regime. Vietnam is scare of Ex Khmer Rouge Soldiers as they have been defeat Vietnam army (Over 100 000 Vietnam soldiers have been killed by EX Khmer Rouge Army in Cambodia. That is lead to Vietnam withdraw out of Cambodia) before 1993.

Anonymous said...

yes, finally! cambodia need this credit check technology so people in business, professional career, etc, etc can be held responsible and accountable, etc, etc like in the western society, really! god bless cambodia.