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Cambodia: Chinese firm partners with local bank to launch micro-loan online in the Kingdom
9F Group, a leading Chinese digital platform integrating and personalising financial service, said this week that it has teamed up with Chief (Cambodia) Commercial Bank (CCB) to introduce a new digital solution in the lending market.
The group, which aims to further strengthen Southeast Asian market footholds, said it has reached a strategic cooperation with CCB in a deal that will see the two companies jointly launch online micro loan services in the Kingdom.
“The service platform will provide local people with simpler and more convenient digital financial inclusion services in the country,” a statement from the 9F Group read.
It added that 9F Group will provide the bank with customised digital financial solutions, including a front-end mobile app, a full-process online lending system, a credit review system and other modules to help improve the level of digital financial infrastructure and drive the digital transformation of the bank.
Chief (Cambodia), the first commercial bank in Cambodia, is privately owned by the Hong Kong-based Chief Financial Group (Cambodia) Ltd. The bank began its business operations in Cambodia seven years ago with initial capital of approximately $10 million. By the end of last year, its total assets stood at more than $100 million.
The Southeast Asia region is an important node in 9F Group’s trinity overseas strategy. The group uses digital technologies as a bridgehead to help local banks and enterprises with digital transformation.
Dr Soeung Morarith, CEO of Chief (Cambodia) Commercial Bank, told Khmer Times that the six-month project is close to completion and will shortly be submitted to the National Bank of Cambodia for approval. If green-lit, the micro-loan service will be the first of its kind in the Kingdom’s banking market.
“It is designed to provide customers who wish to access loans as low as $500 with a competitive interest rate and no need for collateral,” Soeung said.
Source: https://www.khmertimeskh.com/50716521/chinese-firm-partners-with-local-bank-to-launch-micro-loan-online-in-the-kingdom/