Category: Events and Activities

Credit Guarantee Corporation of Cambodia (CGCC) and Wing Bank (Cambodia) Plc officially kick off the credit guarantee agreement signing ceremony on November 15, 2021, to collaborate on disbursing loans to business operators in Cambodia who may face difficulty obtaining loans due to lack of sufficient collaterals.

This partnership will involve Wing Bank taking part in the Credit Guarantee Schemes with CGCC to support those businesses adversely affected by the Covid19 pandemic including micro, small and medium enterprises to large firms to ease their access to formal loans for working capital and investment or business expansion.

“I am very delighted that we can now increase our financial support to more business owners with the collaboration with CGCC.“ said Mr. Han Peng Kwang, Wing Bank’s Chief Executive Officer. “We have developed extensive financial products and services to help business owners in Cambodia. The partnership today will be another catalyst to further our reach to them.”

CGCC will support Wing Bank in guaranteeing the loans to borrowers whose businesses are deemed viable but lack collateral by providing credit guarantees as additional security, thereby reducing the required collaterals.

After its official launch as a commercial bank in April 2021, Wing Bank has put in place many financial products and services to meet the need of individual customers and business owners. All can be accessed through Wing Bank, Wing Money App, and more than 10,000 Wing Cash Xpress agents across Cambodia.

Under this partnership agreement, Wing Bank becomes one of the 20 Participated Financial Institutions (PFIs) of CGCC in providing guaranteed loans to businesses, including SMEs, that lack collateral for their working capital and business expansion.

Mr. Wong Keet Loong, Chief Executive Officer of CGCC mentioned that “Our partnership with Wing Bank is strategic for CGCC to tap on the wide coverage of Wing Bank’s innovative array of financial products via its digital network. This will propel CGCC into the digital space by offering our guarantee for loans to businesses in the Wing’s digital eco-systems.”

Established in 2020, CGCC is aimed at improving financial inclusion and developing the growth of SMEs through providing credit guarantees to lenders on loans made to businesses based on international standards.

Cambodian Business owners with more than 50% ownership can now approach Wing Bank for the CGCC’s guarantee scheme or contact it directly via its website www.cgcc.com.kh  for more information.

About CGCC

CGCC is the Kingdom’s first credit guarantee corporation, and a state-owned enterprise operated under the Ministry of Economy and Finance’s technical and financial guidance. CGCC’s main mission is to provide credit guarantees to PFIs to support and assist financially viable businesses that lack collateral when applying for loans.

The first credit guarantee of CGCC, the Business Recovery Guarantee Scheme (BRGS), was launched in March 2021, to help businesses, including micro, small, and medium-sized businesses (MSMEs), as well as large corporations, to gain better access to formal loans from participating financial institutions (PFIs). To expand support to SMEs, Co-financing Guarantee Scheme (CFGS), the second credit guarantee scheme was launched in September 2021, for a guarantee on loans under the SME Bank’s Co-Financing Scheme Phase II.

As of 12 November 2021, CGCC has supported 133 businesses through credit guarantees on their loan applications, amounting to around USD 16.5 million. Also, SMEs accounted for 94% of the total businesses receiving credit guarantees from CGCC.

For more information, please visit www.cgcc.com.kh

About Wing Bank (Cambodia) Plc:

Wing Bank (Cambodia) Plc – the bank for every Cambodian – is driven by the vision to provide every Cambodian with convenient access to financial services relevant to, and for the improvement of, their daily lives.

Wing Bank has revolutionized the way Cambodians access financial services by introducing instant, secure, and convenient Mobile Financial Services since 18 August 2008.

Today, Wing Bank serves the entire Cambodian population with 100% coverage of the districts in Cambodia thanks to the innovative Wing Money App, nearly 10,000 Wing Cash Xpress agents, over 55,000 merchants, and partnerships with industry giants such as Mastercard, MoneyGram, AliPay, WeChat Pay, Western Union, Visa, and Ria.

Wing Bank provides an array of advanced financial products both for individual and corporate customers. These include loans, deposits, micro-savings, credit referral services, money transfers, utility and insurance payments, supply chain payments, payroll services, and even phone top-ups. In addition, Wing offers retail payments via “WingPay”, and also has introduced the “WingMall” e-commerce platform.

Both small and large companies alike are now using Wing’s payroll and disbursement services, speeding up payments. Over 80% of Wing’s agents and 50% of customers are women, making Wing a shining example of gender inclusion in the region.

Wing Bank is committed to providing financial, gender and digital inclusion to the unbanked and the under-banked, allowing every Cambodian to enjoy convenience and security when it comes to financial services.

For more information, please visit www.wingmoney.com

Credit Guarantee Corporation of Cambodia Plc. (CGCC), a state-owned enterprise of the Royal Government of Cambodia, and ABA Bank, the country’s leading commercial bank, officially signed the Credit Guarantee Agreement on 11 November 2021. Under the Agreement, ABA will provide loans guaranteed by CGCC to support micro, small and medium enterprises (MSMEs) and large companies in Cambodia on business expansion, investment, and working capital.

​This partnership enables ABA Bank to support and assist business entities who are financially viable but lack collateral when requesting loans by using guarantees under the CGCC’s Credit Guarantee Scheme (CGS). Through this Agreement, ABA Bank can assist more businesses, especially SMEs, by offering them more accessible and quicker applications and higher loans to prioritized sectors.

ABA’s Chief Executive Officer, Askhat Azhikhanov commented, “SMEs play a vital role in the economy, and traditionally are in the focus of Cambodian financial institutions. Due to the regulation and risk management, the banks require potential borrowers to comply with a list of criteria, including credit history, financial condition, and collateral. Not all of them meet those criteria, while the pandemic affected even more businesses. The Credit Guarantee Scheme initiated by the Royal Government provides a beneficial risk-sharing mechanism between ABA and CGCC whereby businesses not fully eligible for a bank loan can still access formal financing from ABA. The Bank will consider such requests based on its credit policy and loan application assessment, while the priority will be given to agriculture, industry, and services sectors of the economy.”

“We at ABA Bank partner with CGCC in providing SME businesses with easier access to loans and restate our commitment to benefit Cambodia and its people in line with our corporate mission and values,” he added.

Mr. Wong Keet Loong, Chief Executive Officer of CGCC, mentioned that “CGCC was set up with the objective of increasing loan growth in the banking sector.  With the credit guarantee, financial institutions can provide higher loan margins.  As the economy is reopening, there will be higher demand for loans from SMEs to increase their business.”

“CGCC’s guarantee will act as part of the collateral for the bank loans, thus, reducing the collaterals required from the borrowers.  ABA Bank, being one of the top banks, has a strong loan growth and a wide network of branches will be strategic for CGCC to accomplish its objectives. We look forward to​this partnership to reach out to more SMEs”, he added.

In March 2021, the CGCC launched the $200 million Business Recovery Guarantee Scheme (BRGS) to help businesses, including micro, small, and medium-sized businesses (MSMEs), as well as large corporations, to gain better access to formal loans from participating financial institutions (PFIs). To expand support to SMEs, Co-financing Guarantee Scheme (CFGS), the second credit guarantee scheme was launched in September 2021, for guarantee on loans under the SME Bank’s Co-Financing Scheme Phase II. Under this Agreement, ABA becomes one of the 20 PFIs committed to these schemes in providing easy access to loans for businesses hit hard by the COVID-19 outbreak.

Call the CGCC Call Center at 023 722 123 or the ABA Call Center at 023 225 333 for more information on the services offered by CGCC and ABA.

About CGCC

CGCC is the Kingdom’s first credit guarantee corporation, and a state-owned enterprise operated under Ministry of Economy and Finance’s technical and financial guidance. CGCC’s main mission is to provide credit guarantees to PFIs to support and assist financially viable businesses that lack collateral when applying for loans.

Cambodian Business owners, including SMEs with more than 50% ownership, are encouraged to apply for guaranteed loans with ABA bank by visiting www.ababank.com or  www.cgcc.com.kh for more information.

As of 08 November 2021, CGCC has supported 126 businesses through credit guarantees on their loan applications, amounting to almost USD 16 million. Also, CGCC has provided the most guarantees to SMEs, which is accounted for 94% of the total businesses receiving the credit guarantees from CGCC.

About ABA Bank

ABA Bank is Cambodia’s leading private financial institution. As of 30 September 2021, the Bank’s total assets amounted to USD 7.5 billion. With 79 branches, 600+ self-banking machines across the country, and advanced online banking and mobile banking platforms, ABA Bank reaches out to many customers with an array of modern financial services.
For more info, visit www.ababank.com.

ABA is a subsidiary of National Bank of Canada, a financial institution with around US$283 billion as of 31 July 2021. Headquartered in Montreal, it has branches in almost every Canadian province with 2.7 million personal clients. It is the sixth-largest bank in Canada and the leading bank in Quebec, where it is the partner of choice among SMEs.

For more info, visit www.nbc.ca.