Cambodia and the Republic of Korea have jointly launched cross-border credit information sharing service.

The official launch was held on April 24 between Credit Bureau Cambodia and Korea Credit Bureau. The service will enable Cambodian citizens and workers living in South Korea to receive financial services based on their credit history in Cambodia, while Korean citizens living in Cambodia can also apply for credit in Cambodia using their credit history in Korea.

in the presence of H.E Yim Leat, Deputy Governor of the National Bank of Cambodia, along with senior management from ministries, banks, financial institutions, and associations.

According to Credit Bureau Cambodia, the collaboration plays a significant role in increasing access to finance for approximately 50,000 Cambodian citizens currently working in various sectors in the Republic of Korea. It further said that through the system, Cambodian citizens living in South Korea can receive financial services based on their credit history in Cambodia, while Korean citizens living in Cambodia can also apply for loans in Cambodia using their credit history in Korea.

H.E Yim Leat, Deputy Governor of the National Bank of Cambodia, said that the official launch of the bilateral credit information sharing service has aimed to facilitate banking and financial institutions in obtaining customers' credit reports from their countries of origin more quickly and easily under the collaboration between Credit Bureau  and Korea Credit Bureau.

He said that within the framework of this cooperation, banking and financial institutions would be able to study more effectively the risk levels of customers, including Cambodians working in Korea and Korean businessmen in Cambodia, so as to ensure that they would have the ability to obtain formal loans and meet financial needs. In 2024, Cambodia-Korea bilateral trade reached US$762 million, an increase of over 11 percent compared to 2023. Cambodia's exports reached US$288 million, an increase of over 13 percent, according to a report by the Ministry of Commerce.

By: Faninn