On 7 to 11 August 2023, CGCC Delegation, led by H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance (MEF), and Chairman of CGCC, attended the 35th ACSIC Conference in Ulaanbaatar, Mongolia, hosted by Credit Guarantee Fund of Mongolia (CGFM), under the theme “Looking ahead: fostering green financing for sustainable development”.
CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
During the conference, H.E. Chairman of CGCC gave a warm greeting remark to all the participants on credit guarantee mechanism, as a supplement to the sustainable financial state in Cambodia.
CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
Moreover, Mr. KL Wong, CEO of CGCC, was also invited as a speaker to the panel discussion on “Design, Implementation and Monitoring: The Role of Credit Guarantee Schemes in Addressing the Perceived Higher Risks Associated with Green Finance Investments”. In this panel discussion, Mr. KL Wong shared the progress of CGCC in developing a guarantee scheme to support green financing for sustainable development by collaborating with various government ministries and development agencies in supporting the country’s commitment to participate in reducing GHG emissions by about
From Left to Right: Mr. Tsogtsaikhan Sarantuya, Chairman of the 35th ACSIC Conference and Acting Executive Director of Credit Guarantee Fund of Mongolia (CGFM), Mr. Jambaltseren Tumur-Uya, Secretary of State of the Ministry of Food, Agriculture and Light Industry and Chairman of the Board of the CGFM, H.E. Ros Seilava, Chairman of CGCC, and Mr. Wong Keet Loong, CEO of CGCC
Through this conference, delegates from members/observers also got the chance to share and exchange their respective views on respective topics around green financing for sustainable development through expert insight discussions, plenary discussions, fireside chats, panel discussions, and keynotes, in which to bring the solidarity effort toward building and developing the green financing, a key driver of positive change, as it’s not just relevant but vital in the face of current environmental challenges.
The 35th ACSIC conference was participated by approximately 120 delegates representing members/observers of ACSIC from 13 countries in Asia including Cambodia, Indonesia, India, Japan, Korea, Malaysia, Mongolia, Nepal, Papua New Guinea, Philippines, Sri Lanka, Taiwan, and Thailand.
ACSIC is the cooperation of largest Asia’s credit guarantee organization established in 1987, designed to improve the credit guarantee system, which currently is participated by 19 credit institutions of 13 Asian countries.
CGCC delegates during the official meeting with KODIT delegates: Mr. Choi Won Mok, Chairperson and CEO, Mr. Youn Jung-In, Policy Advisor, Mr. Hur Seung-Wook, Chief DirectorCGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
CGCC has developed the very first Guarantee System which is under the name of Guarantee Management System “GMS” that allows all Participating Financial Institutions (PFIs) to submit all requests especially Guarantee Application processes and other transactions to CGCC through digitalization.
The GMS provides automation and streamlining to support all users by reducing the manual works for PFIs and CGCC giving the accessibility and coordination to provide Guarantee Loans fast with accuracy and security to PFIs.
CGCC has conducted training sessions about the system within 7 weeks which were starting from 05th July 2023 until 10th August 2023 at CGCC Office to 21 PFIs by having attendees in total of 80 management & staff from the PFIs.
CGCC Provides Guarantee Management System “GMS” Sharing and Training Sessions to Participating Financial Institutions (PFIs)CGCC Provides Guarantee Management System “GMS” Sharing and Training Sessions to Participating Financial Institutions (PFIs)
In the morning of August 9, 2023, CGCC staff joined Business Development Center & the National Blood Transfusion Center at the Business Development Center to donate blood to help save the lives of patients who are in need of blood.
Mr. No Lida, Deputy CEO of CGCC, led CGCC’s delegation to attend the 31st ACSIC Training Program in Jakarta, Indonesia, hosted by the Indonesia Guarantee Corporation Association (ASIPPINDO), and presented about Cambodia’s Credit Guarantee Schemes under the theme “Building a Resilient Future: Enabling Sustainable Credit Supplementation.”
CGCC Participated in the 31st Asian Credit Supplementation Institution Confederation (ACSIC) Training Program
This training program was participated by approximately 60 delegates representing members/observers of ACSIC from 12 countries in Asia including Cambodia, Indonesia, India, Japan, Korea, Malaysia, Mongolia, Nepal, Papua New Guinea, Philippines, Taiwan, and Thailand.
CGCC Participated in the 31st Asian Credit Supplementation Institution Confederation (ACSIC) Training Program
Through this training program, each member and observer of ACSIC was given an opportunity to share their respective credit guarantee regarding their institutions’ background, law and regulation, schemes/products, procedure, and mechanisms, especially credit guarantee schemes to support Environmental, Social, and Governance (ESG). Beyond credit guarantee, CGCC and other delegates also shared the commitment and effort in improving financial literacy for MSMEs through capacity-building programs.
ACSIC is the cooperation of the largest Asia’s credit guarantee organization established in 1987, designed for improving the credit guarantee system, which currently has 19 members and observers from 13 Asian countries.
CGCC Participated in the 31st Asian Credit Supplementation Institution Confederation (ACSIC) Training ProgramCGCC Participated in the 31st Asian Credit Supplementation Institution Confederation (ACSIC) Training Program
On July 17, 2023, the Credit Guarantee Corporation of Cambodia (CGCC) and Canadia Bank, one of the leading commercial banks in Cambodia, signed an agreement on Portfolio Guarantee Scheme to provide guaranteed loans to micro, small and medium enterprises for retail and wholesale businesses in the country.
Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank
The agreement between CGCC and Canadia Bank on Portfolio Guarantee Scheme aims to support business including Micro, Small and Medium Enterprises (SMEs) to enhance their quick access without CGCC evaluates on guarantee application from the Participating Financial Institution (PFI) to formal loans even without collateral or insufficient collateral pledges for both working capital and investment or business expansion. By leveraging their respective expertise, both institutions are committed to facilitating the growth and development of SMEs, which are vital contributors to Cambodia’s economy.
In 2021, Canadia Bank was one of the first banks to participate in the Business Recovery Guarantee Scheme (BRGS) led by CGCC under Cambodia’s government initiative to support the recovery of SMEs in various sectors during and post-pandemic. The Bank has been awarded by CGCC as one of the Top Performing Financial Institutions in Cambodia with the highest guaranteed loans disbursed with CGCC for 2022.
With its strong presence in the Cambodian financial sector, the agreement signed between CGCC and Canadia Bank will further enhance their credit cooperation which, in turn, will provide a positive impact to the SME ecosystem as well empower entrepreneurs by providing sustainable financial options for their business growth and expansion.
Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank
Mr. Raymond Sia, CEO and Board Director of Canadia Bank, expressed his enthusiasm about the partnership, stating, “We are thrilled to collaborate with CGCC to further our commitment to supporting the growth of SMEs in Cambodia. With this agreement, Canadia Bank hopes that SMEs business owners will have more sustainable financial access to enhance their business capability and efficiency for more sustained operations.”
Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank
Mr. Wong Keet Loong, CEO of Credit Guarantee Corporation of Cambodia, also excited of the cooperation. He said “This Portfolio Guarantee Scheme (PGS) is targeted specifically for businesses under the Retail and Wholesale Trade sector. It is designed to enhance lending to enable MSMEs in this sector to grow their business. The PGS reinforces both CGCC and Canadia Bank’s commitment to support the growth of MSMEs, which are vital contributors to Cambodia’s economy and employment opportunities.”
“Canadia Bank has been the top provider of guaranteed loans and this partnership will further solidify the Bank’s position as a trusted and reliable source of financing for businesses in this sector. This joint effort will further cement our commitment to improve financial inclusion and sustainable growth of MSMEs,” he added.
Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank
About Canadia Bank
Canadia Bank is a leading local and full-service commercial bank in Cambodia since 1991 and one of the largest commercial banks that holds commanding market shares in loans and deposits. In 2023, Canadia Bank was awarded “Best Retail Bank” by The Asian Banker and “The Best SME Bank” by the Digital Banker. The Bank has been recognized and awarded by The Asian Banker as “The Strongest Bank by Balance Sheet in Cambodia in 2019,” the “Best Managed Bank in 2022”, and “The Best Retail Bank” for 3 consecutive awarding years in 2020, 2021, and 2023.
As of April 2023, Canadia Bank has 68 branches and more than 400 self-service digital devices across Cambodia, such as ATMs, Cash Recycling Machines, Virtual Teller Machines, and Smart Card-Issuing Machines. For more information, please visit our website, www.canadiabank.com.kh.
About CGCC
CGCC is the first-ever credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. CGCC’s main 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.
On 14 July 2023, CGCC organized the second Annual Town Hall meeting, a gathering of all CGCC staff to report on progress and milestones to the Executive Committee (Exco) of CGCC as well as sharing with the staff on the second quarter of 2023 progress, especially on the strategy and action plan of some respective departments of the third quarter in 2023.
CGCC 2nd Town Hall Meeting 2023 on “Milestones in Q2 2023 and Strategy Plan in Q3 2023”
The 2nd Town Hall Meeting was attended by all CGCC staff and a guest of honor and a presentation by Mr. Lon Sam Ol, Director of Banking & MFI Supervision of the National Bank of Cambodia. This 2nd town hall meeting is not only for sharing the progress report and plans from all departments, but also for a dialogue platform to openly discussion and obtain recommendations from management on the direction of CGCC’s operations and vision in improving financial inclusion and develop SMEs in Cambodia.
CGCC 2nd Town Hall Meeting 2023 on “Milestones in Q2 2023 and Strategy Plan in Q3 2023”CGCC 2nd Town Hall Meeting 2023 on “Milestones in Q2 2023 and Strategy Plan in Q3 2023”CGCC 2nd Town Hall Meeting 2023 on “Milestones in Q2 2023 and Strategy Plan in Q3 2023”CGCC 2nd Town Hall Meeting 2023 on “Milestones in Q2 2023 and Strategy Plan in Q3 2023”
On 13 July 2023 at Prince Tower, CGCC and Prince Bank signed a $3 million Portfolio Guarantee Agreement for women entrepreneurs. The Agreement is signed by Mr. Wong Keet Loong, Chief Executive Officer of CGCC, and Mr. Honn Sorachna, Managing Director and CEO of Prince Bank, with a participation of Lork Chum Teav Oknha Keo Mom, President of Cambodia Women Entrepreneurs Association (CWEA).
The Portfolio Guarantee Scheme (PGS) for Women Entrepreneurs of CGCC and Prince Bank is effective from 01 August 2023 which will enables Prince Bank to disbursed guaranteed loans to women entrepreneurs without having to get CGCC’s guarantee approval on each loan prior to loan disbursement. This PGS for Women Entrepreneurs will support quicker, easier, and more CGCC’s guaranteed loan disbursements through Prince Bank to women entrepreneurs who lack of collateral.
Signing of a $3 million Portfolio Guarantee Agreement for Women Entrepreneurs Between CGCC and Prince Bank
Mr. Wong Keet Loong, CEO of CGCC said “This USD3mil portfolio guarantee scheme (PGS) with Prince Bank was structured specifically to support women entrepreneurs in providing guaranteed loans. We hope that with the bank’s strong network, we can increase our guarantees to women-owned businesses. As at todate, CGCC has guaranteed 40% of its total guarantees of USD130mil to women-owned MSMEs ie. USD50mil.”
He added that “The woman scheme comes with lower interest rates and guarantee fees for the 1st year. These favorable terms will enable women MSMEs to obtain lower cost of financing.”
Signing of a $3 million Portfolio Guarantee Agreement for Women Entrepreneurs Between CGCC and Prince Bank
Mr. Honn Sorachna, Managing Director and CEO of Prince Bank Plc. stated “We are honored and excited to join the force with CGCC to boost the local economy by supporting the MSMEs segments, especially women MSMEs. Women are the cornerstone of a strong family foundation and in their community. Their involvement and contribution to commerce and the economy at large are very significant and very much lauded. women entrepreneurs with unique abilities and determination are admirable and should be emulated. They deserve the support and encouragement to grow from strength to strength. Under the Portfolio Guarantee Scheme (PGS), we aim to provide better liquidity with special conditions to women-owned micro, small, and medium enterprises to give them extra support for their working capital to invest and sustain their businesses. It’s always our top priority to support Cambodian individuals and businesses for their financial needs; we are trying harder to enhance our products and services and make them conveniently accessible to our Cambodians.”
Prince Bank has become CGCC’s Participating Financial Institutions (PFI) since 2021 and has actively utilized CGCC’s credit guarantees to address the MSMEs’ challenge of lacking collaterals by providing guaranteed loans. CGCC and Prince Bank hope that this PGS for Women Entrepreneurs will support Cambodian women entrepreneurs that are mainly MSMEs, the backbone of the economy.
Signing of a $3 million Portfolio Guarantee Agreement for Women Entrepreneurs Between CGCC and Prince Bank
About CGCC
CGCC is the first-ever credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. CGCC’s main 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.
About Prince Bank Plc.
Prince Bank Plc. started its business operations in 2015 as a private microfinance institution under the former name “Prince Finance Plc.” and was transformed into a commercial bank with license No. B 46 was granted by the National Bank of Cambodia on 18 July 2018. With a strong capital base, robust technological capabilities, solid expertise, and extensive knowledge of the local market, the bank aspires to become the industry leader by offering differentiated financial solutions through a mix of channels with great convenience to our customers. We are keen on contributing to the development of small and medium enterprises that constitute a key segment of our target customers. Currently, Prince Bank Plc. has 34 branches and 82 ATM locations nationwide.
On 29 June 2023 at 2:00pm, CGCC organized the 14th Board of Directors Meeting at Rosewood Hotel under the chairmanship of H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance, and Chairman of CGCC’s Board of Directors, with the presence of members of the Board of Directors and the state controller.
14th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC)
The agendas of this 14th Board of Directors Meeting included: (1) CGCC Progress Report, (2) Internal Audit Report on Centralized Operations, (3) PGS with Canadia Bank Plc., Sathapana Bank Plc., and Prince Bank Plc., (4) Establishment of Investment Committee, (5) Whistle Blowing Policy, and (6) Others.
CGCC’s Board of Directors Meeting is regularly organized to review, endorse, and approve CGCC’s activities and progress, especially the credit guarantee schemes, to ensure the transparency and efficiency of CGCC.
On June 07, 2023, the Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Chamber of Commerce (CCC) co-organized a seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Kampong Thom Province in collaboration with Kampong Thom – Preah Vihear Chamber of Commerce with more than 100 participants from Management and staff of participating financial institutions (PFIs) and small and medium business owners in Kampong Thom and other provinces. The seminar was also presided over by H.E. Tan Mony, Vice President of Kampong Thom – Preah Vihear Chamber of Commerce, Mr. No Lida, Deputy CEO of CGCC, Mr. Chuon Kimyan, Chief Executive Officer of Kampong Thom Techash Meanchey Union of Agriculture Corporative, and also the presentations by representatives from AMK Microfinance Institution and Canadia Bank as well.
Dissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Kompong Thom ProvinceDissemination Seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Kompong Thom Province
Through this seminar, small and medium business owners are informed about the benefits of guaranteed loans through CGCC’s participating financial institutions in response to the lack of collateral when applying for a loan to expand and rehabilitate their businesses more.
From 05 March to 09 June 2023, CGCC team led by Mr. No Lida, Deputy CEO of CGCC, visited provincial branches of selected participating financial institutions (PFIs) to discuss with the management and staff of the selected PFIs the implementation of CGCC’s credit guarantee schemes. The selected PFIs in 3 provinces including:
– Kampong Cham province: Chamroeun Microfinance, Maybank, and AMK Microfinance
– Kampong Thom province: Satahapana, ABA Bank, Canadia Bank and Prince Bank
– Preah Vihear Province: Prince Bank, Acleda Bank, ABA Bank and Sathapana Bank
The discussions with CGCC PFIs’ provincial branches in these 3 potential provinces provided opportunities for both CGCC and PFIs to enhance mutual understanding of credit guarantees and opportunities for PFIs to increase lending to borrowers that lack collateral when requesting loans.
CGCC visits PFIs provincial branches in Kampong Cham, Kampong Thom and Preah Vihear, to Enhance Collaboration on the Credit Guarantee
Chamroeun Microfinance (Kampong Cham Branch)
CGCC visits PFIs provincial branches in Kampong Cham, Kampong Thom and Preah Vihear, to Enhance Collaboration on the Credit Guarantee
Maybank (Kampong Cham Branch)
CGCC visits PFIs provincial branches in Kampong Cham, Kampong Thom and Preah Vihear, to Enhance Collaboration on the Credit Guarantee
AMK Microfinance (Kampong Cham Branch)
CGCC visits PFIs provincial branches in Kampong Cham, Kampong Thom and Preah Vihear, to Enhance Collaboration on the Credit Guarantee
Satahapana Bank (Kampong Thom Branch)
CGCC visits PFIs provincial branches in Kampong Cham, Kampong Thom and Preah Vihear, to Enhance Collaboration on the Credit Guarantee
ABA Bank (Kampong Thom Branch)
CGCC visits PFIs provincial branches in Kampong Cham, Kampong Thom and Preah Vihear, to Enhance Collaboration on the Credit Guarantee
Canadia Bank (Kampong Thom Branch)
CGCC visits PFIs provincial branches in Kampong Cham, Kampong Thom and Preah Vihear, to Enhance Collaboration on the Credit Guarantee
Prince Bank (Kampong Thom Branch)
CGCC visits PFIs provincial branches in Kompang Cham, Kampong Thom and Preah Vihear, to Enhance Collaboration on the Credit Guarantee
