Category: Events and Activities

Maybank Cambodia in collaboration with the Credit Guarantee Corporation Cambodia (CGCC) organised two workshops held over the last two months in efforts to strengthen the capacity and capabilities of around 100 SMEs and financial advisors by providing business insights and knowledge as well as new skills, techniques and technologies​​ to improve their business operations.

The SME Building Capacity & Capability workshops, which were held at the Maybank Tower, provided a platform for networking, giving SMEs in attendance opportunities to connect with like-minded peers across industries to develop new insights into building and strengthening their business.

Mr. Rath Sophoan, CEO of Maybank Cambodia said that the Bank understands that SMEs are confronted with increasing difficulties and challenges post pandemic and have limited access to timely and accurate information as well as the necessary skills to meet the rapidly evolving market to remain competitive and resilient.

“As such, we have introduced a comprehensive programme to help SMEs, which is a strategic and collective initiative that the Bank commits, in addition to the continuous efforts to support them gain access to financial assistance. In line with our mission to Humanise Financial Services and upon the success of our workshops, we plan to organise several more in the future as we see this being beneficial not only to the SMEs but also towards boosting the economy as SMEs are the backbone of the country,” he added.

All entrepreneurs were exposed to various topics including business registration in Cambodia, the importance of financial discipline, branding and digital marketing, as well as the aspects of managing human resources, presented by subject-matter-experts and professionals by law firms, business consultants, advertising agencies and financial institutions.

Mr. Wong Keet Loong, Chief Executive Officer of CGCC, said, “Our partnership with Maybank has enabled both parties to help improve financial literacy to build SMEs’ business operations and provide upskilling and growth opportunities to all the participants. These workshops aim to serve as a platform to fuel the SME growth further in Cambodia.”

He further added that Maybank and CGCC will continue​​​ to support local SMEs through various means, including financing facilities, business support instruments and technical advisory based on best practices to support SME growth, productivity and innovation, as well as enhance the competitiveness of SMEs.

On 09 November 2022 in Daegu, Republic of Korea, with the approval of H.E.​ Akka Pundit Sopheacha Deputy Prime Minister, Minister of Economy and Finance Guarantee Corporation Cambodia (CGCC) and Korea Credit Guarantee Fund (KODIT) signed a Memorandum of Understanding (MoU) agreeing on a collaboration to support the development of credit guarantee system for the growth of small and medium enterprises (SMEs) of the Kingdom of Cambodia and the Republic of Korea.

The MoU was signed by Mr. Wong Keet Loong, Chief Executive Officer of CGCC, and Mr. Choi Won Mok, Chairman and CEO of KODIT, and witnessed by H.E. Dr. Mey Vann, Secretary of State of the Ministry of Economy and Finance and Chairman of the Board’s Risk Management Committee of CGCC.

The MoU will enable CGCC and KODIT to collaborate on the exchange of information, policy consultation, and assistance with regard to credit guarantee services.

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CGCC was pleased to co-sponsor the FinTech Stage of Cambodia Tech Expo 2022 and would like to congratulate the success of this EXPO which was held on 11-13 November 2022 at The Koh Pich Convention and Exhibition Center, with the participation of many national and international guests.  “Cambodia Tech Expo 2022” is the first and largest Tech Expo in Cambodia which was held as an official sideline event of the ASEAN 40^th and 41^st Summit hosted by Cambodia.

The “FinTech Stage” was co-organized by Ministry of Economy and Finance (MEF), Digital Economy and Business Committee (DEBC), Techo Startup Center (TSC), and Cambodian Association of Finance & Technology (CAFT) under 3 major topics: (1) FinTech Development, (2) Banking and Non-Banking, (3) Cyber Security and DeFi.

During this event, CGCC displayed CGCC’s guarantee schemes to raise awareness of the financing support policy, particularly the credit guarantees on business loans that lack collateral, an initiative of the Royal Government of Cambodia to support the development of SMEs.

Click here to read more about: CGCC participates in the discussion on “SMEs and FinTech Joining Hands to Promote Economic Recovery”

On 28 October 2022, CGCC has the honor to join the CMA’s Annual Conference on “Strengthening Responsible Growth in the context of post-COVID-19​ Economic Recovery’’ at Sokha Hotel, Siem Reap Resort & Convention Center, presided over by H.E. Rath Sovannorak, Assistant Governor and Director of Banking Supervision of National Bank of Cambodia (NBC) and H.E. Dr. Huot Pum, Under the Secretary of State of the Ministry of Economic and Finance (MEF) along with the presence of other MFIs in Cambodia.

Through this conference, Mr. No Lida, DCEO of CGCC, also attended as a panelist in the panel discussion on “Best practices and lesson learned on supporting MSME”. He had raised about CGCC’s credit guarantee experience to support MSMEs, and the benefits of using formal loans, in response to the lack of collateral when applying for loans with CGCC’s PFIs under CGCC’s guarantee schemes to improve and recover their business impacted by the COVID-19 pandemic.

Click here to read more about: CGCC & Key Reflection of Covid-19 response and future perspective to accelerate the economic recovery

On 21 October 2022 in Kuala Lumpur, Malaysia, Credit Guarantee Corporation Cambodia (CGCC) and Credit Guarantee Corporation Malaysia Berhad (CGC) signed a Memorandum of Understanding (MoU) agreeing on a collaboration to enhance the development of credit guarantee services and the growth of MSME in Malaysia and the Kingdom of Cambodia.

The MoU was signed by Mr. Wong Keet Loong, Chief Executive Officer of CGCC, and Datuk Mohd Zamree Mohd Ishak, President/Chief Executive Officer of CGC, and witnessed by H.E. Dr. Mey Vann, Secretary of State of the Ministry of Economy and Finance and Chairman of the Board’s Risk Management Committee of CGCC, and Mr. Anthony Lim Choon Eng, Independent Non-Executive Director and Chairman of Board Risk Management Committee of CGC.

The MoU will enable CGCC and CGC to collaborate on the exchange of information, policy consultation, and assistance with regard to credit guarantee services.

You might be know more about: “CGCC and Korea Credit Guarantee Fund Signed a MOU to Enhance the Development of Credit Guarantee and Financial Support for Asian’s SMEs”

On 20 and 21 October 2022, CGCC delegates led by H.E. Dr. Mey Vann Secretary of State of Ministry of Economy and Finance (MEF), and Chairman of Board of Risk Committee of CGCC, Datuk Michael Lor, Advisory of MEF, Mr. Wong Keet Loong, CGCC’s CEO, and along with CGCC’s management team, conducted a study visit to Malaysia to explore more understanding on related topics of credit guarantee from three institutions such as and the Credit Guarantee Corporation of Malaysia Berhad (CGC), Danajamin Nasional Berhad, Bank of Negara Malaysia.

This is the first abroad study visit of CGCC’s delegates after the 2 years operation, that is such a great opportunity for CGCC’s delegates to learn more about strategy and implementation in the credit guarantee context to strengthen the business development and operation, also, CGCC got the opportunity to exchange information sharing on the credit guarantee of Cambodia in the ASEAN context level.

On Friday, September 30, 2022, Mr. No Lida, Deputy Chief Executive Officer of CGCC, participated as a speaker and shared about the Credit Guarantee Schemes at the Seminar on “Applying for Tourism Licenses via CamDx and Dissemination of New Measures and Legal Framework of the Ministry of Tourism” in Siem Reap Province, presided over by H.E. Song Tong Hap, Secretary of State of the Ministry of Tourism, with the participation of officials from Ministry of Tourism, and representatives from associations of tourism and travel agents.

At the seminar, CGCC’s DCEO highlighted the role of credit guarantee as an additional supporting mechanism initiated by the Royal Government of Cambodia to facilitate access to finance for companies/businesses that lack of collateral when applying for loans to banks/microfinance institutions. At the same time, in line with the policies of the Royal Government of Cambodia to support the survival and economic recovery during and after the COVID-19 pandemic, CGCC also launched a Co-Financing Guarantee Scheme for Tourism (CFGS-TR) to support the recovery of businesses in the tourism sector affected by the COVID-19.

He also strongly encouraged the Association of Tourism and Travel Agents and participants in this workshop to spread the information about the credit guarantee schemes, especially CFGS-TR, which is specially designed with favorable conditions to address the challenges of business owners in the tourism sector.

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(Phnom Penh, 22 September 2022): Credit Guarantee Corporation of Cambodia (CGCC) and DGB Bank has entered into a partnership on a credit guarantee agreement to expand support for businesses in all levels, ranging from micro to large firms in Cambodia that lack collateral in accessing to formal loans for their businesses with CGCC’s guarantees.

As a state-owned enterprise, operated under the technical and financial guidance of the Ministry of Economy and Finance (MEF), CGCC has launched credit guarantee schemes to enhance easier access to finance despite collateral challenges and provide the most support to SMEs, aligning with government strategy in SMEs development. Under this partnership agreement, DGB Bank becomes one of the 24 CGCC’s Participated Financial Institutions (PFIs) in providing guaranteed loans to businesses, especially SMEs that lack collateral for their working capital and business expansion.

Chief Executive Officer of CGCC, Mr. Wong Keet Loong mentioned that “The volume of guaranteed loans over the last 6 months has been increasing.  This indicates that the credit guarantee has supported SMEs in obtaining loans to grow their business.  Our participating FIs are able to share the risks of the loans with CGCC.”  

Mr. Wong added that “The collaboration with DGB Bank further reinforces our outreach to support more SMEs throughout the DGB branch network.  We are glad that DGB finds the benefits of the credit guarantee to support their loan growth and risk weight.” 

Chief Executive Officer of DGB Bank, Mr. Oul Dethsokhom said that “DGB bank is very excited of being able to sign the credit guarantee agreement with CGCC. With credit guarantee, the bank can take part in supporting businesses growth in the country and Cambodia’s economy in the ASEAN region”. 

 Mr. Oul Dethsokhom continued that “We were poised to enter into another government-led credit guarantee scheme dedicated to supporting SME business which could not procure funding source its own collaterals/guarantee.” 

 This joint force between CGCC and DGB Bank will enable businesses, especially SMEs, to have greater access to loans for their business growth by increasing borrowing capacity with the risk-sharing of credit guarantee schemes. It allows SMEs to borrow even without collateral and to get a higher loan amount with the same collateral value than they would otherwise get without a credit guarantee. 

 About CGCC 

CGCC is a state-owned enterprise operated under the technical and financial guidance of the Ministry of Economy and Finance (MEF) and officially incorporated in November 2020. CGCC’s mission is to provide credit guarantees to lenders on loans made to businesses based on international standards to share the risk with lenders and to improve financial inclusion. 

As of 31 August 2022, CGCC has supported 661 businesses by providing credit guarantees for their loan applications, amounting to USD 64.8 million equivalent. CGCC has provided the most guarantee to SMEs, which accounts for 95% of the total businesses receiving the credit guarantee from CGCC. 

About DGB Bank 

DGB was “inaugurated as commercial bank” on September 01, 2021, with esteemed virtual participation from CEO of Daegu Bank and top management of the Bank. Throughout the year, the Bank unveiled four flagship products: deposits (CASA), remittance (domestic & Oversea), DGB Mobile app and ATMs services.  

The Bank has, in line with the NBC’s Prakas, lent hands to the clients by undertaking the plight of loan restructures, easing their grim burden during financial predicament. 

On 21 September 2022, Ms. Pin Manika, Manager of Marketing and Business Development of CGCC, participates as a guest speaker in the weekly meeting of the BNI Cambodia Chapter Brilliant and presents on CGCC’s credit guarantee schemes to more than 30 business owners. 

This sharing session is organized to promote credit guarantee schemes to potential business owners and to provide solutions for them on financial support response to the challenges of lack of collateral when applying for loans.  

Business owners who are BNI Cambodia members are very interested in CGCC’s credit guarantee scheme and enthusiastically ask further questions regarding to the process and conditions of applying for guaranteed loans. Members experienced in successfully requesting guaranteed loans also encourage other members to firstly contact banks or MFIs who are CGCC’s partners in case they need to apply for loans but do not have enough collateral.