CBC produced credit reports for 90% of its borrowers across the country

Economy and Industry

CBC produced credit reports for 90% of its borrowers across the country The Credit Bureau of Cambodia (CBC) has generated 6.3 million credit reports for its 7 million borrowers, covering about 90% of the adult population in Cambodia, reflecting a 19% increase over the past five years. This surge in demand underscores the growing interest from both lenders and borrowers in accessing financial histories. For lenders, access to these histories is crucial for assessing creditworthiness before loan disbursal, while borrowers gain insights into their borrowing patterns and debt management. CBC shares these financial reports with its 194 members, including commercial banks, specialized banks, microfinance institutions (MFIs), leasing companies, and rural credit institutions. In 2021, CBC launched Credit Report PLUS on its mobile app, allowing Cambodians to request their credit report and K-Score (Khmer Score). Additionally, CBC employs artificial intelligence and data analytics to enhance information generation, with tools like the Credit Risk Heat Map and VTrust Appraisal. The CBC is also working with the National Bank of Cambodia on cross-border credit reporting initiatives within the broader ASEAN and APAC regions. (Source: Khmer Times)

Angkor Park experiences a surge in foreign tourists in the first semester  Cambodia's Angkor Archaeological Park, the country's most popular tourist destination, received 521,950 foreign tourists, marking a 35% increase in foreign tourists in the first half of 2023 compared to the previous year, according to a report from Angkor Enterprise. Revenue from entrance pass sales surged by 36% YoY, reaching $24.3 million. Top Sopheak, Secretary of State for the Ministry of Tourism, noted that the tourism sector is on a strong recovery path, though it has not yet returned to pre-pandemic levels. To boost tourism, the ministry has partnered with the private sector to create new tourism products, improve service quality, and facilitate travel for foreign tourists. The formation of the Cambodia Tourism Marketing and Promotion Board (CTB) aims to foster public-private partnerships in promoting Cambodia's tourism internationally. In 2023, over 790,000 foreign tourists purchased entrance passes to visit Angkor, generating $37 million in revenue, a 222% increase from the previous year. (Source: Khmer Times)

UK investors encourage to explore investment opportunities in Cambodia Cambodia, a rapidly developing country, is attracting increasing investment interest in its ASEAN market. The Cambodia-UK Investment and Trade Conference, co-organized by the British Embassy in Cambodia and KPMG, drew around 100 delegates eager to explore business opportunities in the Kingdom. Led by Sok Siphana, Chairman of the Trade Policy Advisory Board of Cambodia, the Cambodian delegation emphasized the country's strategic location, competitive young workforce, political and economic stability, sustainable investment regime, and attractive incentive packages. The conference aimed to strengthen economic relations, boost trade, and attract more UK investment to Cambodia. From January to May this year, Cambodia's trade with the UK grew by 15.8%, reaching $364.61 million. This growth is supported by the UK's new Developing Countries Trading Scheme (DCTS), which allows tariff-free exports for 99% of goods from Cambodia. (Source: Khmer Times)

Corporate News

CFOCN proposes extending underground fibre optic networks to 9 provinces Cambodia Fiber Optic Communication Networks Co., Ltd. (CFOCN) has sought approval from the Ministry of Public Works and Transport (MPTW) to extend the installation of underground fibre optic cables across nine additional Cambodian provinces. This project aims to expand the national high-speed internet infrastructure to less-developed regions, increasing the population's access to opportunities within the digital economy. The extension will involve drilling and installing underground fibre optic cables in the provinces of Kandal, Kampot, Kampong Speu, Kampong Thom, Kep, Sihanoukville, Koh Kong, Takeo, and Svay Rieng. The MPTW has advised CFOCN to collaborate closely with the Department of Public Works to expedite the project's completion. The ongoing expansion of fibre optic networks supports the Royal Government of Cambodia's goals of creating a fully digitalized population and enhancing opportunities for online commerce, education, and FinTech development nationwide. (Source: Khmer Times)

Stock Market

CSX index rises 0.20% with gains across major stocks On July 2, 2024, the CSX index closed at 414.0 points, marking a 0.20% increase from the previous day. The main board saw gains in PPAP (+4.65%), GTI (+4.53%), PWSA (+0.86%), MJQE (+0.49%), PPSP (+0.45%), CGSM (+0.41%), and PAS (+0.33%). Conversely, PEPC (-0.90%) and ABC (-0.79%) experienced declines. On the growth board, DBDE and JSL rose by 0.48% and 1.66%, respectively. The total trading volume was 86,405 shares, with a cumulative trading value of KHR 484 million. (Source: YSC Research)

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