RHB Bank (Cambodia) Plc and the Credit Guarantee Corporation of Cambodia Plc (CGCC) signed a partnership on June 16, with the ceremony held at the leading financial institution’s head office in Phnom Penh.
This partnership allows RHB Bank (Cambodia) Plc to take part in the Business Recovery Guarantee Scheme (BRGS) with CGCC that aims to support businesses including micro, small and medium enterprises (MSMEs) and large firms to enhance their access to formal loans for both working capital and investment or business expansion.
BRGS acts as collateral/security for 70-80 per cent of the loan amount borrowed by businesses from the participating financial institutions (PFIs).
“SMEs play a significant role in the economy of Cambodia, comprising 99 per cent of businesses in the Kingdom and accounting for 70 per cent of employment and nearly 60 per cent of the country’s gross domestic product [GDP].
“One of the key challenges for SMEs is limited access to funding and support to grow their business. Hence with this partnership between RHB Bank (Cambodia) Plc. and CGCC, it allows us to reach out and supportmore SMEs as well as our customers’ business recovery during the Covid-19 pandemic.We envisage the response of BRGS to be encouraging with increasing customer take up rate”, as quoted by Wong Kee Poh, country head and CEO of RHB Bank Cambodia.
“This partnership with RHB Bank Cambodia is our first with a Malaysian-owned bank, one that has been very successful in SME lending with credit guarantees in Malaysia. We hope that the bank will be able to reproduce that success in Cambodia to grow its loans to SMEs with CGCC guarantees,” said Wong Keet Loong, the CEO of CGCC.
RHB Bank Cambodia continues to invest significantly in digitalising its business for both its retail and business banking.
Reflex – which is a web-based financial solution – was launched on June 15 to cater to the needs of the business community.
The Reflex portal combines cash management and payment solutions targeted at SMEs and businesses that are keen to perform their banking transactions digitally in a secure environment.
For more information on RHB Bank (Cambodia) Plc, please visit: www.rhbgroup.com.kh.
About RHB Bank Cambodia
RHB Banking Group is among the top fully integrated financial services institutions in Malaysia, with more than 100 years of service excellence and a significant presence in the ASEAN countries.
With more than 14,000 employees group-wide, RHB has strong market leadership in Malaysia and ASEAN across targeted products and segments.
RHB Bank (Cambodia) Plc was established on July 9, 2008, and currently has 12 branches operating in Phnom Penh and the provinces.
RHB banking group in Cambodia also offers investment banking services that cover capital market and brokerage to complement the services of its commercial banking activities.