The Ministry of Land Management, Urban Planning and Construction have formed a data sharing partnership with Credit Bureau (Cambodia) Co., Ltd. (CBC), a leading credit reporting agency, to support a new “Property Verification Service”.
The service will be available to all 198 members of the CBC, which comprises banks, microfinance institutions, leasing companies and rural credit institutions.
The December 18 launch ceremony was held at Phnom Penh’s Center for Banking Studies in Phnom Penh. It was presided over by Say Sam Al, land management minister, and Chea Serey, governor of the National Bank of Cambodia (NBC).
In attendance were more than 300 senior representatives from ministries, banks and financial institutions, and industry associations.
The Property Verification Report will provide information on owner’s details and address with geo-coordinates, as well as any active or closed pledges by third parties on the property. The information contained in each report has been customised to suit the needs of banks and financial institutions in Cambodia.
The service was made possible by a data exchange between the ministry and CBC, in collaboration with Fungi Co., Ltd. which has been supporting the ministry in the digitalisation of public services.
“This initiative marks a significant milestone in our efforts to promote transparency, financial inclusion and a stable, sustainable financial system. By integrating property verification with credit reporting, we unlock numerous benefits, including enhanced fraud prevention, faster and more convenient financial assessments, improved credit conditions and reduced risks of over-indebtedness,” explained NBC governor Serey.
Sam Al elaborated on the benefits of the ongoing digital transformation at the ministry.
“We have digitalised our way of living and in providing services for our people. With the digitalisation of our work, we are able to boost our productivity, streamline our operations, reduce operational costs, improve efficiency and enhance security. This will certainly give our society a more secure political environment, as well as economic security,” he said.
“We are delighted to support the ministry in transforming its services through the latest digital technologies to better serve Cambodian people. We hope this collaboration will positively impact both the economy and society,” added Xavier Beaur, CEO of Fungi.
Interested banks and financial institutions can access the service through a dedicated web portal, the CBC Property Verification platform.
Once they have the consent of a property owner, verified CBC members can log into the platform and enter property details. Once the application has been processed, a Property Verification Report will be generated, using data and information from the ministry.
“We are pleased to offer our digital property verification platform to our member financial institutions – to enhance their credit risk management, improve operational efficiency and streamline the property verification process – with the support of the ministry and the NBC,” said Oeur Sothearoath, CEO of Credit Bureau Cambodia.
According to a joint December 18 press release from the ministry and the CBC, it is common for individuals to take a loan using their property as collateral. Mortgage and home loans are also becoming increasingly popular.
“This service shall enable banks and financial institutions to do property verification in a quick, convenient and reliable manner to efficiently assess the risks associated with the property and process loan applications, thereby, making it easier for borrowers during the loan application process,” it explained.
“We are delighted to support the ministry in transforming its services through the latest digital technologies to better serve Cambodian people. We hope this collaboration will positively impact both the economy and society,” added Xavier Beaur, CEO of Fungi.