Chinese company partners with local bank to launch online micro-loan in Kingdom
9F Group, one of China’s leading digital platforms integrating and customizing financial services, said this week that it has partnered with Chief (Cambodia) Commercial Bank (CCB) to introduce a new digital solution to the lending market .
The group, which aims to further strengthen its presence in the Southeast Asian market, said it has entered into a strategic cooperation with CCB in an agreement that will see the two companies jointly launch microcredit services in line in the Kingdom.
“The service platform will provide local populations with simpler and more convenient digital financial inclusion services in the country,” said a statement from the 9F group.
He added that the 9F Group will provide the bank with personalized digital financial solutions, including a front-end mobile application, a comprehensive online loan system, a credit scoring system and other modules to help improve the level of digital financial infrastructure and drive the digital transformation of the bank.
Chief (Cambodia), the leading commercial bank in Cambodia, is privately owned by Chief Financial Group (Cambodia) Ltd, based in Hong Kong. The bank started its business operations in Cambodia seven years ago with an initial capital of around $ 10 million. At the end of last year, its total assets were over $ 100 million.
The Southeast Asia region is an important node in the 9F group’s overseas trinity strategy. The group uses digital technologies as a bridgehead to help banks and local businesses in their digital transformation.
Chief (Cambdia) Commercial Bank CEO Dr Soeung Morarith said Khmer time that the six-month project is nearing completion and will shortly be submitted to the National Bank of Cambodia for approval. If given the green light, the micro-credit service will be the first of its kind in the Kingdom’s banking market.
“It is designed to provide clients who want to access loans as low as $ 500 with a competitive interest rate and no need for collateral,” said Soeung.
- Key words: 9F Group, Chief (Cambodia) Commercial Bank