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 40th and 41st 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.
“CGCC raising awareness on credit guarantee at FinTech Stage of Cambodia Tech Expo 2022”
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.
“CGCC raising awareness on credit guarantee at FinTech Stage of Cambodia Tech Expo 2022”“CGCC raising awareness on credit guarantee at FinTech Stage of Cambodia Tech Expo 2022”
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.
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.
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
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.
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
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.
CGCC’s study visit to Malaysia to explore more understanding on related institutions of credit guarantee in 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.
CGCC’s study visit to Malaysia to explore more understanding on related institutions of credit guarantee in MalaysiaCGCC’s study visit to Malaysia to explore more understanding on related institutions of credit guarantee in MalaysiaCGCC’s study visit to Malaysia to explore more understanding on related institutions of credit guarantee in Malaysia
“I’m Financially Literate Program” was successfully launched by Sathapana Bank, in partnership with Khmer Enterprise, Manulife Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC). The second cohort of this program was organized on 08 & 09 and 15 & 16 October 2022 to provide non-financial services to SMEs and MSMEs and especially women in business.
More than 30 Entrepreneurs and business owners attended the second cohort, and shared their experiences as well as related financial issues, and they also had the opportunity to learn more about entrepreneurship, prepare financial statements for Business, understand loans with banks and choose the right loan for their businesses.
This training program is specifically designed to provide practical skills and experience related to financial literacy and business management skills, as well as access to business networks that can drive business growth for entrepreneurs, especially women entrepreneurs.
CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” second cohort
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.
CGCC Sharing the Credit Guarantee Schemes at the Dissemination of New Measures and Legal Framework and Measures of the Ministry of Tourism
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.
CGCC Sharing the Credit Guarantee Schemes at the Dissemination of New Measures and Legal Framework and Measures of the Ministry of TourismCGCC Sharing the Credit Guarantee Schemes at the Dissemination of New Measures and Legal Framework and Measures of the Ministry of Tourism
(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.
CGCC and DGB Bank signed the partnership of credit guarantee agreement to provide more support for business loans that lack of collateral
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.”
CGCC and DGB Bank signed the partnership of credit guarantee agreement to provide more support for business loans that lack of collateral
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”.
CGCC and DGB Bank signed the partnership of credit guarantee agreement to provide more support for business loans that lack of collateral
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.
CGCC and DGB Bank signed the partnership of credit guarantee agreement to provide more support for business loans that lack of collateral
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.
CGCC sharing about credit guarantee schemes and benefits for members of BNI Cambodia
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.
CGCC sharing about credit guarantee schemes and benefits for members of BNI Cambodia
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.
CGCC sharing about credit guarantee schemes and benefits for members of BNI CambodiaCGCC sharing about credit guarantee schemes and benefits for members of BNI CambodiaCGCC sharing about credit guarantee schemes and benefits for members of BNI Cambodia
On 13 September 2022, CGCC organized the 11th Board of Directors Meeting, at CGCC’s office, under the chairmanship of H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance, and the chairman of the CGCC’s Board of Directors, with the presence of all members of the Board of Directors.
11th Board of Directors Meeting of Credit Guarantee Corporation of Cambodia (CGCC)
The agendas of this 11th Board of Directors Meeting included: (1) CGCC Progress Report, (2) PFI Application, (3) Strategic Business and Budget Plan for 2023, (4) Amendment to Finance Manual, (5) Credit Risk Policy, and (6) Other agenda
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 transparency and efficiency of CGCC.
“I’m Financially Literate Program” was successfully launched by Sathapana Bank, Co-sponsored by Khmer Enterprise, Manulife Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC). The first cohort of this program was organized on 03 & 04 and 10 & 11 September 2022 to provide non-financial services to SMEs and MSMEs and especially women in business.
More than 30 Entrepreneurs and business owners attended the first cohort, and shared their experiences as well as related financial issues, and they also had the opportunity to learn more about entrepreneurship, prepare financial statements for Business, understand loans with banks and choose the right loan for their businesses.
This training program is specifically designed to provide practical skills and experience related to financial literacy and business management skills, as well as access to business networks that can drive business growth for entrepreneurs, especially women entrepreneurs.
CGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” first cohortCGCC supports the accelerating SMEs’ Financial Literacy through the “I’m Financially Literate Program” first cohort
