The Credit Guarantee Corporation of Cambodia (CGCC) and Kasikornbank Public Co Ltd’s (KBank) Phnom Penh branch have formalised a credit guarantee agreement. This move aims to enhance confidence and extend guaranteed financing to business proprietors, particularly micro, small and medium-sized enterprises (MSME).
Among those present at the signing ceremony at the CGCC headquarters in Phnom Penh were Ros Seileva, chairman of the CGCC and secretary of state for the Ministry of Economy and Finance, Thai ambassador Cherdkiat Atthakor and KBank Thailand executive vice-president Suwat Techawatanawana.
Wong Keet Loong, the CEO of CGCC, expressed his enthusiasm about the partnership.
“We’re honoured to collaborate with a top-tier bank to provide credit guarantees to bolster MSME financing in Cambodia,” he stated.
He highlighted the extensive experience of the Thai banking sector in guaranteed loans and hoped this would translate to more financing opportunities for Cambodian businesses.
“This partnership paves the way for cross-border guarantees between Thai and Cambodian enterprises. We’re looking to collaborate and learn from the Thai Credit Guarantee Corp, seasoned with over 30 years of expertise, later this year,” Loong added.
Ritthiwut Watthanachai, the general manager of KBank Phnom Penh, emphasised the strategic importance of Cambodia in the growth plan of the Bangkok-headquartered KBank, one of Thailand’s premier financial institutions formerly known as Thai Farmers Bank.
“Our alliance with CGCC significantly broadens our outreach to entrepreneurs, enhancing our service capabilities. Being the first bank to participate in the credit guarantee plan showcases our commitment to fostering MSME growth in alignment with the government’s vision,” Watthanachai said.
CGCC’s core mission is to augment financial inclusivity and foster MSME growth by ensuring loans through Participating Financial Institutions (PFI) for MSMEs. On the other hand, KBank Phnom Penh offers an array of financial services and solutions catering to individuals and enterprises.