PHNOM PENH, MAY 27, 2021— Credit Bureau (Cambodia) Co., Ltd (CBC) and VTrust Appraisal Co., Ltd. (VTrust) today signed a Memorandum of Understanding (MoU) to explore cooperation between the two institutions on matters of mutual interest relating to real estate appraisal and credit risk management that can directly benefit individual borrowers and lending financial institutions across the kingdom.
The MoU was signed at a virtual event by Mr. Oeur Sothearoath, Chief Executive Officer, CBC, and Mr. Vong Sokhal, Chairman, VTrust, in the presence of senior executives from both companies.
The MoU paves way for CBC and VTrust to combine their individual strengths and explore financial industry-wide opportunities to serve the needs of CBC’s member financial institutions to efficiently and comprehensively conduct credit risk assessment at loan application stage by using appraisal solutions from VTrust in addition to credit report and K-Score that members currently access from CBC.
The Consumer Credit Index for Q1 2021 recently published by CBC, 51.72% of consumer credit balance portfolio comprises of mortgage. Over the last few years, the real estate market has seen dynamic growth with demand and supply for mortgage also rising. Additionally, it is also common to use real estate-based collateral in other consumer and commercial loans.
CBC CEO, Mr. Sothearoath said, “We have entered into this MoU to explore potential synergies with VTrust to further diversify our solution portfolio to strengthen our role as a key financial infrastructure in Cambodia to enable frictionless data-driven decision-making among our 165+ members. We are open to strategic data and product partnerships that can bring scalable industry-wide benefits to promote credit market efficiency and transparency in Cambodia.”
“With consumer experience being of utmost importance to the Indication Plus Platform, as the most reliable Online Property Valuation service of VTrust Appraisal, MoU has been agreed with CBC. The Integration between CBC’s credit report and VTrust’s Indication Plus Platform MOU will create greater access not only to Credit status and history reports, but also to provide a reliable, faster, safer and convenient property valuation service in a one-stop shop for the existing 165+ members of CBC. Together, our two companies meet the same common objective, where we will use complementary solutions that enable scalable access to efficiently and transparently serve our customers and raise the professional profile of our industry; as well as, serving the wider communities and the credit needs of the people of The Kingdom of Cambodia,” said Mr. Vong Sokhal, Chairman of VTrust Appraisal.
About Credit Bureau (Cambodia) Co., Ltd.
CBC is the leading provider of financial information, analytical solutions, and credit reporting services to financial institutions and consumers in the Kingdom of Cambodia. Since 2012, CBC has been assisting customers in managing the risks and rewards of commercial and financial decisions through a range of solutions: Consumer Credit Report, Commercial Credit Report, K-Score, Data Analytics Report, Portfolio Monitoring Service, Portfolio Review Service, and Customized Solutions. CBC serves a member base of more than 165 financial institutions including Commercial Banks, Specialized Banks, Microfinance Deposit Taking Institutions, Micro-Finance Institutions, Leasing Companies, and Rural Credit Institutions.
About VTrust Appraisal Co., Ltd.
VTrust Appraisal is a leading company in Cambodia that provides real estate appraisal service to customers and institutions including both national and international, financial institutions, and investment in commercial residential and real estate industry in Cambodia.
Nearly 2 decades, since we established our company in 2004, we provide appraisal services through indication plus systems extensively to financial institutions, investment companies, real estate companies, governments, trading agents, and private companies with transparency, promptness, and accuracy with professional ethics to customers.