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Tag: MoU Signing Ceremony

Guarantco and PIDG Partner With CGCC To Boost Sustainable Investment & Boost Onshore Local Currency Guarantees in Cambodia

Posted on by Sorn Chhorvyvatey

GuarantCo, the Private Infrastructure Development Group (PIDG), and the Credit Guarantee Corporation of Cambodia (CGCC) have formalized a partnership aimed at accelerating financial inclusion and enhancing investment in sustainable infrastructure in Cambodia. The three entities signed a Memorandum of Understanding (MoU) outlining their collaborative efforts to expand CGCC’s capabilities through a variety of transaction types supported by GuarantCo and PIDG Technical Assistance (TA).

This MoU marks an initial step towards a broader Framework Agreement anticipated to be finalized later this year. The agreement will include the syndication of GuarantCo’s guarantee exposure to CGCC and vice versa, alongside technical assistance to bolster CGCC’s operational capacity. GuarantCo, which has previously completed three transactions in Cambodia, aims to enhance CGCC’s capital market guarantee capabilities through the PIDG Credit Enhancement Facility initiative.

Boost The Availability Of Onshore Local Currency Guarantees

This initiative seeks to boost the availability of onshore local currency guarantees by partnering with local entities and leveraging products from across the PIDG Group, including re-guarantee facilities from GuarantCo and technical assistance from PIDG TA.

Read more: Royal Group Securities and Credit Guarantee Corporation of Cambodia Forge Strategic Partnership to Support Capital Market Development

The Technical Assistance program is set to provide CGCC with essential support, including the development of key guarantee documents, engagement of a transaction counsel for facility documentation, and capacity-building in credit, investment, and Sustainable Development Impact management processes.

Philippe Valahu, CEO of PIDG, emphasized the significance of local financing solutions in their 2030 strategy. “Local financing solutions are an essential part of our 2030 strategy and the establishment of in-country credit enhancement facilities is a key objective to help develop local markets. Signing this Memorandum of Understanding with the Credit Guarantee Corporation of Cambodia will help expedite this work,” Valahu stated.

Layth Al-Falaki, CEO of GuarantCo, expressed pride in the collaboration. “We are proud to have signed this Memorandum of Understanding with the Credit Guarantee Corporation of Cambodia and to be able to mobilise guarantee capacity to help CGCC expand to undertake transactions in progressive sustainable financing through the local capital markets, in line with PIDG and GuarantCo’s strategic plans. GuarantCo’s engagement in Cambodia started in 2022 through transactions with First Finance and Royal Railway followed by Cellcard in 2023. Through this MoU with CGCC, we are continuing our momentum in the country to the advantage of Cambodians who will benefit from improved infrastructure.”

Enhancing Cambodia’s Financial and Infrastructural Landscape

Wong Keet Loong, CEO of CGCC, highlighted the benefits of the partnership. “We are honoured to have the opportunity to work with GuarantCo, an established international guarantee provider, funded by seven G12 governments including the United Kingdom, Switzerland, Sweden, Australia, the Netherlands, Canada, and France. CGCC will benefit from the technical expertise to embed best practices into our bond guarantee processes. We are excited with this collaboration and look forward to the structured facility which will expand our guarantee capacity.”

This partnership signifies a strategic move towards enhancing Cambodia’s financial and infrastructural landscape, promoting sustainable development, and increasing investment opportunities within the region.

 

Credit to: Cambodia Investment Review, Published on 01 August 2o024

 

MAFF and Partners Launch $7 mil Fisheries Project

Posted on by Sorn Chhorvyvatey

The government and its development partners, through the Cambodia Programme for Sustainable and Inclusive Growth in the Fisheries Sector (CAPFISH-Capture), launched an Investment Support Facility (ISF) project with $7 million in funds for boosting Cambodia’s fisheries sector yesterday.

The European Union (EU)-funded CAPFISH-Capture Programme and its Post-harvest Fisheries Development project, the Fisheries Administration (FiA) of the Ministry of Agriculture, Forestry and Fisheries (MAFF), the United Nations Industrial Development Organization (UNIDO), and the Credit Guarantee Corporation of Cambodia (CGCC) are joining forces to embark on and fund a groundbreaking ISF scheme aimed at catalysing growth in the post-harvest fisheries sector.

The partners released a joint statement yesterday, “With its rich fisheries resources and cultural heritage, Cambodia holds great promise for excelling in the global fish and fishery products market”.

“However, post-harvest fisheries face challenges such as inadequate fish-processing technologies, limited value-addition, and food safety concerns which are impacting consumer trust and the sector’s competitiveness on a global scale,” it said.

“Building on the success of its current Value Chain Investment Support (VCIS), the project has designed the ISF scheme to support post-harvest fisheries enterprises and their input suppliers in overcoming these challenges and enhancing productivity, product safety, and quality,” it said.

“This scheme blends co-financing from the enterprises’ own resources, guaranteed business loans distributed by the local financial institutions, and grant support from the project,” it added.

“This new scheme is supported by a fund of $7 million and targets over 100 eligible enterprises in the fisheries value chain in addition to the 50 enterprises already supported by the project,” it added.

The project launch was chaired jointly by Igor Driesmans, EU Ambassador to Cambodia, and Dith Tina, Minister of Agriculture, at Sofitel Phnom Penh Phokeethra Hotel, yesterday.

Driesmans lauded the timely launch of the scheme, saying, “By harmonising with global market requirements, including those of the EU, the ISF will not only help boost competitiveness and sustainability but also underpin economic expansion, public health safeguards, and local job creation in the sector.”

“I am optimistic that the success of the ISF in this sector will inspire replication and scale up in other agricultural sub-sectors, catalysing holistic development, bringing more investment in the sector and prosperity,” the EU Ambassador added.

Acknowledging the invaluable support from the EU and UNIDO for bolstering food safety and fisheries’ sustainable development, Tina reaffirmed his commitment to further elevate the country’s fisheries sector to new levels of success.

In line with the government’s Pentagonal Strategy, the minister said that the ISF is a good initiative to support collaboration between the FiA, UNIDO, and the private sector to promote growth in the post-harvest fisheries sector in Cambodia.

“I am positive that this project, which will be implemented by the CAPFISH-Capture programme, will promote the processing of post-harvest fishery products to a higher standard and quality, as well as provide economic benefits to fishermen and processing enterprises,” he said.

Mey Vann, Secretary of State of the Ministry of Economy and Finance (MEF) and Member of the Board of Directors of the CGCC, said that the CGCC has been selected to manage the ISF scheme in partnership with commercial banks and microfinance institutions.

“The ISF plays a crucial role in enhancing Cambodia’s fishery sector. Through ISF, eligible enterprises in the post-harvest fishery sector will be able to access technical support, capacity building, and financial assistance, including grants and guaranteed loans with favourable conditions,” he said.

“The ISF will contribute to the national economic growth, modernisation, and development of the agricultural sector,” Vann noted.

Dejene Tezera, UNIDO’s Director of Agri-Business and Infrastructure Development, said that “We are proud to introduce the ISF scheme for this sector”.

“Based on UNIDO’s solid experience in innovative financing and value chain development, we firmly believe that this innovative financial model will elevate the value and quantity of safe, high-quality fishery products, enabling fish processors to thrive in global markets,” he said.

Credit to: Khmer Times, Publish on 30 May 2024

Extension of Request for Proposal “Legal Counsel”

Posted on by Sorn Chhorvyvatey

CGCC is a state-owned enterprise, established under the technical and financial guidance of the Ministry of Economy and Finance (MEF) to provide credit guarantees based on international standards to improve financial inclusion and support the growth of SMEs in Cambodia. CGCC obtained the accreditation from the Securities and Exchange Regulator of Cambodia (“SERC”) to become the bond guarantor on 22 August 2023 (“Bond Guarantor” or “Guarantor”).

CGCC wishes to provide guarantee on bonds to be listed on the Cambodia Securities Exchange.

CGCC is seeking to engage a Cambodian legal counsel (“Legal Counsel”) to perform the services as described in the scope of work.

 

CGCC and Royal Group Securities Plc. (RGS) Signed a MoU to Strengthen Cooperation on Bond Guarantees to Support the Bond Market Development in Cambodia

Posted on by Sorn Chhorvyvatey

On 5th April 2024, Credit Guarantee Corporation of Cambodia (CGCC) and Royal Group Securities Plc. (RGS) signed a Memorandum of Understanding to strengthen cooperation on bond guarantees to support the bond market development in Cambodia witnessed by H.E. Sou Socheat, Delegate of the Royal Government of Cambodia in charge as Director General of Securities and Exchange Regulator of Cambodia (SERC), and highly attended by H.E. Hong Sokhour, Delegate of the Royal Government of Cambodia in charge as Chief Executive Officer of Cambodia Securities Exchange (CSX).

CGCC officially became the First Cambodian Bond Guarantor on 31 January 2024 after getting approval from H.E. Deputy Prime Minister, Minister of Economy and Finance on the Policy Framework on Bond Guarantee, accredited by the SERC as the first local bond guarantor, and rated khAAA, the highest rating on a local scale, by the Rating Agency of Cambodia.

Mr. Wong Keet Loong, Chief Executive Officer of CGCC, said, “CGCC has been accredited by the SERC to be the bond guarantor for corporate bonds listed on the CSX.  This partnership with RGS will enable us to be part of the structuring of bonds between the Issuers and Investors.  The guarantee for corporate bonds enhances the credit rating of the bond issuance, which adds confidence to investors.  CGCC, as a state-owned enterprise under the Ministry of Economy and Finance (MEF), will support SERC’s aspirations to develop the capital market to enable large businesses to source for funding by issuing bonds. With the bond guarantee, we hope to attract both local and foreign institutional investors to invest in the guaranteed bonds.”

Mr. Seng Chan Thoeun, Chief Executive Officer of RGS, said, “I am pleased to announce our strategic partnership with CGCC, aimed at enhancing debt capital raising through bond guarantee in Cambodian capital market by the state-owned corporate bond guarantor. This collaboration represents a significant milestone in our commitment to foster growth and trust within the financial sector. By leveraging our expertise and resources as a well-established securities firm, RGS will collaborate and support CGCC in providing guarantee to our local businesses, enhanced assurance to investors, thereby increasing confidence in bond offerings. Our joint effort will also enable us to offer more favorable terms and conditions to issuers, facilitating access to capital and promoting greater participation in the market. Ultimately, we believe this partnership will play a pivotal role in stimulating economic growth and development by providing a robust environment for capital formation and investment.”

The partnership between CGCC and RGS will play a significant role in supporting Cambodia’s sustainable economic development by collaborating in knowledge and resource sharing between the two institutions to develop bond guarantees that will support bond issuers in raising funds in capital markets, attract investors to invest in corporate bonds, and increase the bond market’s liquidity.

About CGCC

CGCC is the only credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. The primary mission of CGCC is to provide credit guarantees to improve financial inclusion and support the growth of SMEs in Cambodia.

About RGS

Royal Group Securities Plc. (RGS) is a full-licensed securities firm under the supervision of Securities and Exchange Regulator of Cambodia. RGS offers a wide range of professional financial services including capital raising, M&A, capital restructuring, stock trading, international stock investment, equity valuation, co-investment and financing, and more. RGS is the sole financial advisor and underwriter of all bonds issued in 2023 and subsequently listed on Cambodia Securities Exchange. In the second half of 2023, the company raised over USD 100 million for local businesses through IPO, bonds, and loan.

 

 

Credit Guarantee Corporation Cambodia (CGCC) Signed a Memorandum of Understanding (MoU) with Thai Credit Guarantee Corporation (TCG)

Posted on by Sorn Chhorvyvatey

On 29 November 2023 in Bangkok Thailand, upon the approval from H.E. Deputy Prime Minister, Minister of Economy and Finance, Credit Guarantee Corporation Cambodia (CGCC) signed a Memorandum of Understanding (MoU) with Thai Credit Guarantee Corporation (TCG) witnessed by H.E. Dr. Mey Vann, Secretary of State of the Ministry of Economy and Finance, and Chairman of Board Risk Management Committee of CGCC,​ to establish cooperation between CGCC and TCG to develop credit guarantee mechanism through information exchange, knowledge exchange, technical assistance and consultation with one another.

 

CGCC, Kasikornbank Join Hands to Support MSMEs

Posted on by Sorn Chhorvyvatey

Credit Guarantee Corporation of Cambodia (CGCC) and the Branch of Kasikornbank Public Company Limited (Phnom Penh) have signed the Credit Guarantee Agreement to support micro, small and medium-sized enterprises (MSMEs).

The signing ceremony was held at CGCC’s office in the presence of Ros Seileva, Secretary of State of the Ministry of Economy and Finance and Chairman of CGCC, Cherdkiat Atthakor, Ambassador of Thailand to Cambodia and Suwat Techawatanawana, Executive Vice President of Kasikornbank Thailand.

Wong Keet Loong, Chief Executive Officer of CGCC, said that the bank’s branch in Cambodia can tap on their experience in providing guaranteed loans in Thailand.

“The collaboration also opens up opportunities for us to explore cross-border guarantees between businesses in Thailand and Cambodia. We have also plans to collaborate with the Thai Credit Guarantee Corporation, which has more than 30 years of experience, towards the end of this year,” he said.

Ritthiwut Watthanachai, General Manager of Kasikornbank in Phnom Penh, said that the initiative seamlessly aligns with the bank’s business plan for the next phase.

“The partnership with CGCC will be the key enabler for us in extending our reach to a broader entrepreneur base while improving our service capabilities. As the first Thai bank to join the credit guarantee scheme, this partnership underlines Kasikornbank’s aspiration and commitment to supporting the government’s vision for SME development,” he said.

CGCC aims to improve financial inclusion and develop MSMEs with the main mission of providing guarantees for loans given to MSMEs through Participating Financial Institutions (PFIs).

The Kasikornbank in Phnom Penh now become one of the 27 PFIs of CGCC, committing to assisting business entities in line with the Cambodian government’s direction to support MSMEs.

The CGCC has provided credit guarantees of $139.5 million to 1,648 businesses for their working capital expansion as of July 2023.

Credit to: Khmer Times, Publish on 03 October 2023

CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans

Posted on by Sorn Chhorvyvatey

On 29 September 2023, Credit Guarantee Corporation of Cambodia (CGCC) and the Branch of Kasikornbank Public Company Limited (Phnom Penh) signed the Credit Guarantee Agreement. The Signing Ceremony was held at CGCC’s office with the honorable presence of H.E. Ros Seileva, Secretary of State of the Ministry of Economy and Finance, and Chairman of CGCC, H.E. Cherdkiat Atthakor, Ambassador of Thailand to Cambodia, and Mr. Suwat Techawatanawana, Executive Vice President of Kasikornbank Thailand.

CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans

Mr. Wong Keet Loong, Chief Executive Officer of CGCC, said: “We are very honored to have this partnership with a leading bank of Thailand to offer credit guarantees to support their MSME financing in Cambodia. The bank branch here can tap on their experience in Thailand, where the banking sector is very experienced in providing guaranteed loans. With this experience, we hope the bank will extend guaranteed financing to benefit Cambodian-owned businesses.

This collaboration also opens up opportunities for us to explore cross-border guarantees between businesses in Thailand and Cambodia. We have plans to understudy and collaborate with the Thai Credit Guarantee Corp, which has more than 30 years of experience, towards the end of this year.”

CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans

Mr. Ritthiwut Watthanachai, General Manager of the Branch of Kasikornbank (Phnom Penh), said: “Cambodia is at the center of Kasikornbank’s regional expansion strategy. This initiative seamlessly aligns with our business plan for the next phase, which we aim to leverage our experience in supporting small and medium-sized businesses in Thailand and replicate a similar model to serve local Cambodian SMEs. The partnership with CGCC will be the key enabler for us in extending our reach to a broader entrepreneur base, while improving our service capabilities. As the first Thai bank who joins the credit guarantee scheme, this partnership underlines Kasikornbank’s aspiration and commitment in supporting the Government’s vision for SME development.”

CGCC aims to improve financial inclusion and develop MSMEs with the main mission of providing guarantees for loans through Participating Financial Institutions (PFIs) to MSMEs. Meanwhile, the Branch of Kasikorn Bank (Phnom Penh) is a foreign bank branch of Kasikornbank Public Company Limited, known as KBank, one of Thailand’s leading financial institutions. The branch provides a wide range of financial services and solutions to individuals and businesses.

With a strong presence in Cambodia, the Branch of Kasikornbank (Phnom Penh) has now become one of the 27 Participating Financial Institutions (PFIs) of CGCC, committing to assisting business entities in line with the Government’s direction to support MSMEs. CGCC and Kasikornbank are confident that this partnership will help to address the financing gap faced by many MSMEs in Cambodia and contribute to the growth and development of the country’s economy.

CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans

About CGCC

CGCC is the only credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. The primary mission of CGCC is to provide credit guarantees to improve financial inclusion and support the growth of SMEs in Cambodia.

 

About Branch of Kasikornbank Public Company Limited (Phnom Penh)

The Branch of Kasikornbank Public Company Limited (Phnom Penh) was granted the commercial banking license by National Bank of Cambodia in November 2016. The initial registered capital was MUSD 50, which has been increased to MUSD 80 as of 2023. As an integral of Kasikornbank, the branch aims to provide best in class financial products and services to both local and foreign business in Cambodia. Given Kasikornbank’s presences in China, Indonesia, Vietnam, Lao PDR, and Thailand, the branch also focuses on connecting customers from across the region.

Wing Bank, CGCC, and FASMEC to Offer Guaranteed Loans and Market Accessibility to SMEs

Posted on by Sorn Chhorvyvatey

Wing Bank (Cambodia) Plc, Credit Guarantee Corporation of Cambodia (CGCC), and Federation of Association for Small and Medium Enterprises of Cambodia (FASMEC) have forged an impactful strategic partnership—a visionary move aimed at boosting the growth of Small and Medium Enterprises (SMEs) in Cambodia.

Wing Bank, CGCC, and FASMEC to Offer Guaranteed Loans and Market Accessibility to SMEs
Wing Bank, CGCC, and FASMEC to Offer Guaranteed Loans and Market Accessibility to SMEs

The collaboration is a strategic effort to address collateral challenges faced by SMEs when applying for bank loans and enhance financial literacy among the SMEs, exclusively for FASMEC members across the Kingdom. This will be achieved by providing financial solutions by Wing Bank on a collateral-free basis and secured with credit guarantees from the state-owned CGCC.

CEO of CGCC, Wong Keet Loong, said, “We are excited to partner with Wing Bank and FASMEC to support FASMEC’s SME members in increasing their access to loans through potential guarantees.”

Wing Bank, CGCC, and FASMEC to Offer Guaranteed Loans and Market Accessibility to SMEs
Wing Bank, CGCC, and FASMEC to Offer Guaranteed Loans and Market Accessibility to SMEs

“This partnership will provide valuable resources for FASMEC, enabling their members to grow and succeed by accessing financing and improving financial literacy, aligning with our goals at CGCC,” Wong highlighted.

CGCC, the first state-owned credit guarantee institution operating under the Ministry of Economy and Finance, aims to bolster local businesses by offering timely credit support. As of July 2023, CGCC has successfully granted credit guarantees amounting to $139.5 million, benefiting 1,648 enterprises. Nearly 92 per cent of these are micro, small, and medium-sized enterprises (MSMEs). In comparison, the remaining 8 per cent are larger businesses.

“Through our innovative financial solutions and partnership with CGCC and FASMEC, we are committed to empowering SMEs with greater access to finance,” said Han Peng Kwang, CEO of Wing Bank. “By providing flexible banking services and credit support, we are enabling SMEs to seize growth opportunities, drive innovation, and contribute to the overall prosperity of Cambodia.”

SMEs who are members of FASMEC can access not only finance guaranteed by CGCC through Wing Bank but also enjoy broader opportunities to connect with potential customers, vendors, and suppliers. This is made possible through Wing’s ecosystem.

Wing Bank provides convenient retail solutions through its WingPay platform, supporting transactions within the Wing ecosystem’s B2B and B2C platforms, including Wingmarket, WingAgri, and Wingmall.

Wingmarket acts as a supply chain solution, streamlining supply chain management for SMEs and corporate businesses. WingAgri serves as a reliable agriculture e-commerce platform, connecting farmers with buyers through a virtual marketplace. Wingmall, a trusted B2C platform, is widely used by numerous restaurants in Cambodia, ensuring seamless transactions and enhancing the customer experience.

The strategic partnership between CGCC, FASMEC, and Wing Bank is poised to foster a supportive environment for financial accessibility, effectively addressing the hurdles SMEs encounter in securing loans, and expanding their market accessibility.

“We are delighted to partner with Wing Bank and CGCC, as it presents a remarkable opportunity for FASMEC members SMEs who face challenges in accessing finance due to a lack of collateral,” said Okhna Te Taing Por, President of FASMEC. “This partnership will enable them to expand their businesses and achieve substantial growth.”

According to local media reports, the Ministry of Industry, Science, Technology, and Innovation registered 43,974 small and medium enterprises (SMEs) last year. These registered SMEs provided 444,504 jobs for Cambodian individuals. SMEs comprise about 90 per cent of all enterprises, contributing to 58 per cent of the GDP and employing over 70 per cent of the workforce.

FASMEC Members can conveniently visit any Wing Bank branches to apply for a loan, where dedicated staff are ready to assist them with all their financial needs. The members can also approach Wing Bank staff during the training sessions organized by FASMEC throughout the country.

Credit to: Khmer Times, Published on 23 August 2023

 

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

Posted on by Sorn Chhorvyvatey

On Aug 22, 2023, Credit Guarantee Corporation of Cambodia (CGCC), Federation of Association for Small and Medium Enterprises of Cambodia (FASMEC), and Wing Bank have entered into a strategic partnership to promote access to guaranteed loans for the development of Small and Medium Enterprises (SMEs) in Cambodia. This cooperation will provide support to SMEs, mainly FASMEC’s members, for greater access to finance despite collateral challenges and to promote financial literacy, including credit guarantees to FASMEC members across the country.

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

The MoU Signing Ceremony is held at Wing Bank Head Office, presided by Mr. Wong Keet Loong, Chief Executive Officer of CGCC, Okhna Te Taing Por, President of FASMEC, and Mr. Han Peng Kwang, CEO of Wing Bank.

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

Mr. Wong Keet Loong, CEO of CGCC said, “We are excited to be a partner with Wing Bank and FASMEC this year in order to support FASMEC’s SME members to increase their access to loans with Wing Bank supported by guarantees from CGCC. Also, we believe that this partnership will enable CGCC to reach out to more SMEs during our outreach programs when we carry out workshops on SME development throughout the provinces, which is part of our long-term goals at CGCC to improve the growth of SMEs”.

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

Okhna Te Taing Por, President of FASMEC, said, “We are delighted to collaborate with Wing Bank and Credit Guarantee Corporation of Cambodia (CGCC) because it provides an opportunity for FASMEC member SMEs who lack collateral in finance to expand and grow their business.”

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

Mr. Han Peng Kwang, CEO of Wing Bank, said, “Through our innovative financial solutions and partnership with CGCC and FASMEC, we are committed to empowering SMEs with greater access to finance,” said Han Peng Kwang, CEO of Wing Bank. “By providing flexible banking services and credit support, we are enabling SMEs to seize growth opportunities, drive innovation, and contribute to the overall prosperity of Cambodia.”

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

This partnership between CGCC, FASMEC, and Wing Bank demonstrates a shared commitment to promoting economic growth and development in Cambodia. By working together, the three organizations will help SMEs overcome financing challenges and unlock their potential including improving financial literacy to drive economic growth in the country.

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing 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. For more info, please visit: www.cgcc.com.kh

 

About FASMEC

FASMEC is a federation formed by a group of associations and small and medium enterprises in Cambodia, established and registered by the Ministry of Interior in 2010. FASMEC’s vision is to connect Cambodian small and medium-sized enterprises to local and international markets. FASMEC’s mission is to bring together Cambodian small and medium-sized businesses and collaborate to ensure that the quality of Cambodian products is recognized internationally. Aims to improve the business environment by developing training courses, increasing productivity and innovation, and challenging the challenges of small and medium-sized businesses.

 

About Wing Bank

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 since 2008. Today, Wing Bank serves the entire Cambodian population with 100% coverage of the districts in Cambodia thanks to the innovative Wing Money App, more than 11,000 Wing Cash Xpress agents, over 150,000 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.  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.

Signing Ceremony on Portfolio Guarantee Scheme Between CGCC and Canadia Bank

Posted on by Sorn Chhorvyvatey

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
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
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
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
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.