Credit Guarantee Archives - Page 5 of 21

CGCC visits PFIs provincial branches in Kratie, Steung Treng, Ratanakiri & Mondulkiri to Enhance Collaboration on the Credit Guarantee

Posted on December 19, 2023 by Sorn Chhorvyvatey

From 11 December to 15 December 2023, CGCC team led by Ms. Pin Manika, Manager of Marketing and Business Development 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 4 provinces including:

– Kratie province: ABA Bank

– Steung Treng province: Prince Bank & Phillip Bank

– Ratanakiri Province: Canadia Bank & Prince Bank

– Mondulkiri Province: Canadia Bank and ABA Bank

The discussions with CGCC PFIs’ provincial branches in these 4 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.

Meeting Between CGCC ADB, and GGGI exploring the collaboration on Cambodian Green Sustainable Financing

Posted on December 6, 2023December 7, 2023 by Sorn Chhorvyvatey

On 06 December 2023, CGCC, led by Mr. Wong Keet Loong, CEO of CGCC, met with the Asian Development Bank (ADB), and the Global Green Growth Institute (GGGI) to discuss on GGGI’s Switch Garment Project to promote sustainable energy practices in the Garment Sector in Cambodia.

The meeting also aimed to explore collaboration opportunities between CGCC, ADB, and GGGI to implement the Sustainable Green Financing Facility (SGFF), a blended financing facility comprising of credit guarantee, and technical assistance elements, to support sustainable development goal (SDG).

The Business Owner Who Received a Loan Guaranteed by CGCC

Posted on December 1, 2023September 13, 2024 by Sorn Chhorvyvatey

Agriculture is one of the key sectors in supporting Cambodia’s economic growth. Seeing the potential to promote Cambodian products and support Cambodian farmers, I decided to start a Cambodia Safety Vegetable Union of Agricultural Cooperative in 2021.

When starting this business, my main challenge was the lack of human resources to prepare documents and handle administrative work since most of the community union members were farmers. Another major challenge was the lack of working capital to expand the business and product exports. The solution for me was a loan from a financial institution.

At first, because my collateral was not enough for the loan, I could not obtain the necessary loans to support my business. However, later with a guarantee from CGCC, I was able to receive a sufficient business loan from Chamroeun Microfinance Institution. I used the guaranteed loan as a working capital, which allowed me to grow my Cambodia Safety Vegetable business to serve my customers and distributors in many provinces and cities on time. I also gained the trust of various development partners on my business.

Obtaining a guaranteed loan from CGCC depends on the potential of my business, namely the possibility of growth, building a good credit history, as well as completing the required documents that can confirm the need to use a loan for my business. Other business owners who need capital but lack collateral can also seek credit guarantees from CGCC through CGCC partner banks or microfinance institutions.

Courtesy Visit by CGCC to Kasikornbank in Thailand

Posted on December 1, 2023December 12, 2023 by Sorn Chhorvyvatey

On 01 December 2023 in Bangkok, Thailand, CGCC’s delegation, led 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, paid a courtesy visit to the Kasikornbank (KBank) Public Company Limited based in Thailand, highly represented by Mr. Suwat Techawatanawana, Executive Vice President of KBank in Thailand, at the KBank’s Building in Bangkok, Thailand, with the participation from the management of KBank in Thailand and Phnom Penh Branch, which in one of CGCC’s PFI.

Courtesy Visit by CGCC to Kasikornbank in Thailand

H.E. Dr. Secretary of State expressed his appreciation for the warm welcome of the management of KBank Thailand, and also exchanged views about the economic situation in Cambodia and Thailand, and H.E. raised on the collaboration between CGCC and the Branch of Kasikornbank (Phnom Penh), which recently became one of CGCC’s PFIs in 2023.

In response, Mr. Executive Vice President of KBank Thailand expressed gratitude and appreciation for the courtesy visit of CGCC’s delegation, and especially shared with CGCC the progress of KBank as well as the experience of providing loans guaranteed by Thai Credit Guarantee Corporation in Thailand.

This courtesy visit provided such a great opportunity for both CGCC and KBank for a mutual understanding of the current economic situation in both countries, especially for strengthening the collaboration between both institutions for the like-minded vision in supporting MSMEs.

Understanding Guarantee Management System (GMS) of CGCC

Posted on December 1, 2023September 13, 2024 by Sorn Chhorvyvatey

A business cannot grow to its full potential without technology. CGCC is not an exception. “Information technology and business are becoming inextricably interwoven. I don’t think anyone can talk meaningfully about one without talking about the other”, said Bill Gates, founder of Microsoft. Since the first day of its operation, CGCC has embraced information technology, starting with the basic functions of Excel spreadsheets and Microsoft SharePoint to manage credit guarantee operations. Today, CGCC hit a new milestone by launching the Guarantee Management System (GMS) to further leverage information technology for effective credit guarantee operation. Technology adoption is our commitment to play a small part in supporting the key priorities – People, Road, Water, Electricity, and Technology – of the “Pentagonal Strategy – Phase I” of the new Royal Government of Cambodia.

What is GMS?

GMS is a digital platform that automates and streamlines the credit guarantee process, making it more convenient, faster, and more secure. It is the first-ever and only digital platform to manage a credit guarantee operation in Cambodia, tailored explicitly to CGCC’s credit guarantee model. It is a web-based system developed using microservices architecture and modern technologies to improve the guarantee process’s efficiency, accuracy, and security.

How was GMS developed?

. End-to-end automation: The GMS automates the guarantee application process, from PFI’s submission to CGCC’s approval. Furthermore, auto validation of CGCC’s scheme features is integrated to reduce error and time consumption when composing and reviewing the guarantee application.

. Real-time tracking: The GMS provides real-time monitoring of the status of all guarantee applications, allowing users to stay updated on the progress of each application and request.

. Comprehensive reporting: The GMS provides comprehensive reporting on all credit guarantee activities, allowing users to track the performance of guaranteed loans and identify areas for improvement.

. High security: The GMS is hosted on a secure platform and uses the latest security technologies to protect user data.

“CGCC Annual Staff Retreat 2023 in Siem Reap”

Posted on November 14, 2023November 15, 2023 by Sorn Chhorvyvatey

On November 9 to 12, 2023, CGCC organized the annual staff retreat along with a training program on “Action Leadership for Growth,” as well as a team building at Siem Reap province on November 9 to 12, 2023, to strengthen productivity, solidarity, and appreciation to all staff’s efforts in credit guarantee development.

“CGCC Annual Staff Retreat 2023 in Siem Reap”

This annual staff retreat provided all staff with a closer understanding of each other, shared working experiences, and increased capacity building and knowledge on action leadership for the growth to improve their productivity, as well as to contribute to the development of CGCC, in line with the vision to enhance financial inclusion and develop SMEs in Cambodia too.

CGCC & Maybank Cambodia Collaborated on the Second Workshop of “SME Building Capacity and Capability (BCC)” Program

Posted on October 30, 2023October 30, 2023 by Sorn Chhorvyvatey

On 28 October 2023, CGCC, in collaboration with Maybank Cambodia, held the second workshop as part of its “SME Building Capacity and Capability (BCC)” program, with the participation of two esteemed guest speakers, Mr. Sam Kosal and Mrs. Lim Kimchea, along with over 100 SMEs.

This BCC program is a collaborative initiative between CGCC, Maybank Cambodia, BNI-Super and CWEA under an MOU to capacitate SMEs with skills to elevate their entrepreneurship and provide credit guarantees to SMEs.

This second workshop features among others special sharing sessions on the topics of “Marketing Strategy for Recession-Proofing and Business Competition during Economic Expansion” and “Online Business in Cambodia”.

CGCC & Maybank Cambodia Collaborated on the Second Workshop of “SME Building Capacity and Capability (BCC)” Program

CGCC Participated in the 2023 International Seminar on Enhancing Financial Accessibility of MSMEs in Singapore

Posted on October 27, 2023October 30, 2023 by Sorn Chhorvyvatey

Mr. No Lida, Deputy CEO of CGCC, led CGCC’s delegation to attend the 2023 International Seminar on Enhancing Financial Accessibility of MSMEs that was held on 18th October 2023, in Singapore, and presented about CGCC’s Credit Guarantee Scheme for Building Reliable Credit Guarantee Infrastructure to Help MSMEs Better Access Financial Services.”

CGCC Participated in the 2023 International Seminar on Enhancing Financial Accessibility of MSMEs in Singapore

This international seminar was attended by more than 46 representatives and observers from 10 countries, including Cambodia, Korea, Brunei, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Through this international seminar, representatives of each participating institution made a presentation to share about their institutions, especially, the law and regulation, schemes/products, procedures, and mechanisms, especially credit guarantee schemes to support the development of MSMEs.

CGCC Provides $149M Credit Support

Posted on October 19, 2023November 3, 2023 by Sorn Chhorvyvatey

In a bid to give a much-needed boost to micro, small and medium-sized enterprises (MSMEs), the Credit Guarantee Corporation of Cambodia (CGCC) has infused credit guarantees of as much as $149 million as of September 2023. A report issued on October 17 revealed 1,762 businesses benefited from them.

“The Credit Guarantee Corporation of Cambodia has provided guarantees for $149 million in loans for business, investment and business expansion capital to support large, micro and small businesses,” said a report.

A CGCC report put the total outstanding guaranteed loans at $111 million and outstanding guaranteed amount at $80 million. It also put the number of MSMEs at 1,617 and large entities at 145, with 741 being women-owned.

The CGCC scheme involves 27 participating financial institutions (PFIs) to extend credit as working capital investment and business expansion to SMEs.

A Ministry of Economy and Finance undertaking, CGCC was the first credit guarantee institution in the Kingdom set up in August 202 at the height of the Covid-19 pandemic.

The CGCC guarantee ensures easy credit for SMEs and a bigger market for their products, said Te Taing Por, President of the Federation of Association for Small and Medium Enterprises of Cambodia (FASMEC).

“Credit guarantee from the Credit Guarantee Corporation of Cambodia is an opportunity for small and medium-sized enterprises, members of FASMEC, who are facing a lack of collateral to access financing to expand their business,” Taing Por said.

Smooth loan distribution has boosted entrepreneurship and financial inclusion said Mey Vann, Secretary of State at the Ministry of Economy and Finance.

Credit to: Khmer Times, Published on 19 October 2023

CGCC 3rd Town Hall Meeting 2023 to review “Progress in Q3 and Plan in Q4 2023″

Posted on October 11, 2023October 26, 2023 by Sorn Chhorvyvatey

On 10 October 2023, CGCC organized the Third CGCC Town Hall meeting of 2023 to review the progress in Q3 and plan in Q4 2023.

The 3rd Town Hall Meeting was attended by all CGCC staff and a guest of honor, Mr. Oeur Sothearoath, Chief Executive Officer of Credit Bureau Cambodia (CBC). CGCC Town Hall meeting is not only for reviewing and evaluating CGCC’s progress but also a platform for a general discussion on the current situation of the banking and financial sector in Cambodia.