Cambodia, Phnom Penh, (05 September, 2019)- Credit Bureau Cambodia (CBC) has conducted the University Conference on “The Contribution of Credit Reporting System in Credit Risk Management” with the presence of Mr. Sothearoath Oeur, Chief Executive Officer of Credit Bureau Cambodia and Ms. KuchKunlinna Hou, deputy Director of Vanda institute, management from the both institutions, and more than 200 students majoring in accounting and banking.
The workshop aimed at equipping students with the practical knowledge and link it to the theories they have studied in the university as well as raising the awareness on CBC’s operations, and risk management through the credit reporting system. This would help them to be more qualified for the future job opportunities in financial sector, especially taking part in the country economic development after their graduation. In addition, this workshop also aimed to raise awareness on financial literacy and also join hand with Ministry of Education, Youth and Sport to improve education quality through informal education system, which is an important part to strengthen the student’s ability for future job vacancies and contribute to the country economic development.
Financial literacy is becoming increasingly recognized as an important knowledge in Cambodia. This reflects the increasing need for Cambodia to understand and manage their own finances that is necessary to make sound financial decisions, achieve individual financial well-beings, and ultimately benefit to the nation’s socio-economic growth as well.
In April 2019, National Bank of Cambodia (NBC) signed a memorandum of understanding (MoU) with the ministry of Education, Youth and Sport to improve financial education followed the Financial Sector Development Strategy 2016-2025 in order to integrate the financial literacy into the education curriculum from Grade 1 to Grade 12 in Mathematics, Economics, and also conduct civics subjects to raise awareness on financial literacy in Cambodia.
Mr. Sothearoath Oeur, CEO of CBC said that “CBC believes that sharing this financial knowledge will help the students to be well-prepared for their success, and provide them better understanding in the contribution of Credit Reporting System in Credit Risk Management as well as the knowledge itself will help students be ready and make the right credit decisions before applying for loan in the future.”
CBC has consistently conducting conferences on various topics for student at universities in Phnom Penh and other provinces such as Siem Reap, Kampong Cham and Sihanoukville, and also organized other programs for public such as consumer talk and other events in order to enhance better understanding of financial literacy for students and the general public. In addition, CBC also initiated CSR program that contribute and support to community through sponsorship to several NGOs, who works closely with people in the community.
CBC has been officially operated since 19 March 2012, with a strong support from the National Bank of Cambodia (NBC), the Association of Banks of Cambodia (ABC), the Cambodia Microfinance Association (CMA) and the International Finance Corporation (IFC). CBC promotes greater financial stability by providing accurate real time data to member institution and industry that helps them control the financial aspects of their businesses. It allows businesses to manage credit risk, prevent fraud and automate decision-making. CBC also helps individuals to check their credit report to ensure they have access to loan and finance and to protect themselves against identity theft. As of August 2019, CBC has 165 members inclusive of bank, microfinance, leasing, and rural credit institutions.