CGCC and Kasikornbank ink credit guarantee agreement to boost Cambodian MSMEs

  • Stock Market News
CGCC and Kasikornbank ink credit guarantee agreement to boost Cambodian MSMEs
Credit: © Reuters.

The Credit Guarantee Corporation of Cambodia (CGCC) and the Phnom Penh branch of Kasikornbank Public Co Ltd (KBank) formalized a credit guarantee agreement on Monday. The strategic partnership aims to bolster confidence and provide guaranteed financing for business owners, particularly micro, small, and medium-sized enterprises (MSMEs) in Cambodia.

The signing ceremony took place at the CGCC headquarters in Phnom Penh. Among those present 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.

Expressing his enthusiasm about the alliance, Wong Keet Loong, the CEO of CGCC, stated, "We're honored to collaborate with a top-tier bank to provide credit guarantees to bolster MSME financing in Cambodia." Loong emphasized the extensive experience of the Thai banking sector in guaranteed loans and expressed hope that this would lead to more financing opportunities for Cambodian businesses.

Loong further added, "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."

Ritthiwut Watthanachai, the general manager of KBank Phnom Penh, underscored the strategic importance of Cambodia in the growth plan of KBank. The Bangkok-headquartered institution is one of Thailand's premier financial institutions formerly known as Thai Farmers Bank.

Watthanachai said, "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."

The CGCC's core mission is to augment financial inclusivity and foster MSME growth by ensuring loans through Participating Financial Institutions (PFI) for MSMEs. KBank Phnom Penh, on the other hand, offers a comprehensive range of financial services and solutions tailored for individuals and enterprises.

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