Seoul (FN), May 21 – Cambodia and the Republic of Korea agreed to share bilateral credit information reports to make it easier for Cambodians in Korea to access credit on demand.

Credit Bureau Cambodia (CBC), Korea Credit Bureau (KCB), and Jeonbuk (JB) Bank signed a Memorandum of Understanding (MoU) on 16 May 2024, during the Cambodia-Republic of Korea Business Forum in Seoul, South Korea.

The cooperation was initiated to establish a cross-border credit sharing system between the two countries, which will show the up-to-date credit histories of Cambodians moving to Korea, which will be retrievable for Korean financial institutions. The bilateral sharing of an individual's previous credit history is expected to facilitate more effective loan application assessments.

Currently, it is estimated that there are more than 50,000 Cambodian workers in Korea. Korea is the second-most popular destination among Cambodians when it comes to migrating for labour.

Rath Sovannorak, Deputy Governor of the National Bank of Cambodia and Chairman of the Board of Directors of CBC, stated, "Cambodia and the Republic of Korea already have great bilateral relations in terms of trade, investment, and finance. We are pleased to bring both countries under the framework of this cross-border credit report sharing, which can directly benefit a large number of Cambodians abroad to support their access to finance.”

Hwang Jong-sup, Chief Executive Officer (CEO) of KCB, underlined, "Economic exchanges between the Republic of Korea and Cambodia have grown significantly, resulting in an increase in the population, migration, and labour force. We are very pleased to pursue this cross-border credit report sharing initiative with CBC as leading bureaus representing both nations to improve the access of Cambodians to credit in the Republic of Korea.”

Baek Jong-Il, CEO of JB Bank, added, "The MoU stems from Jeonbuk Bank's unwavering commitment to promoting financial inclusion. As a leading bank to support migrant workers in Korea with financial solutions, we are delighted to collaborate with CBC and KCB to provide Cambodian nationals with an enhanced range of benefits and differentiated financial services,"

Oeur Sothearoath, CEO of Credit Bureau Cambodia, said, “We are pleased to partner with Korea Credit Bureau, a leading credit bureau in the Republic of Korea, with our commitment to support a large number of Cambodians living and working in the Republic of Korea by providing access to financial services. Improving the financial environment of the people, both inside and outside the country, is our top priority. This collaboration on cross-border credit report sharing follows CBC's partnership with Credit Bureau Singapore, launched in March 2023.”
=FRESH NEWS