On November 9 to 12, 2023, CGCC organized the annual staff retreat along with a training program on “Action Leadership for Growth,” as well as a team building at Siem Reap province on November 9 to 12, 2023, to strengthen productivity, solidarity, and appreciation to all staff’s efforts in credit guarantee development.
This annual staff retreat provided all staff with a closer understanding of each other, shared working experiences, and increased capacity building and knowledge on action leadership for the growth to improve their productivity, as well as to contribute to the development of CGCC, in line with the vision to enhance financial inclusion and develop SMEs in Cambodia too.
On 11 November 2023, Mr. No Lida, Deputy CEO of CGCC, led CGCC team to participate in the Women Entrepreneurs Day organized by Cambodia Women Entrepreneurs Association under the topic “The Challenges of Taxation on Women Entrepreneurs and Future Outlook”. This meaningful event was attended by more than 150 participants from relevant institutions from the public and private sectors, as well as development partners.
During this event, Ms. San Sokrina, Manager of Product Development of CGCC, was a guest speaker in a panel discussion on “Government Support to Women Entrepreneurs Facing Global Economic Crisis”. During the panel discussion, Ms. San Sokrina shared CGCC’s Credit Guarantee Schemes, especially the Women Entrepreneurs Guarantee Scheme, which is specifically designed for women entrepreneurs’ access to finance to support their businesses, as well as key recommendations to women entrepreneurs on how to manage and gain access to business loans.
On 28 October 2023, CGCC, in collaboration with Maybank Cambodia, held the second workshop as part of its “SME Building Capacity and Capability (BCC)” program, with the participation of two esteemed guest speakers, Mr. Sam Kosal and Mrs. Lim Kimchea, along with over 100 SMEs.
This BCC program is a collaborative initiative between CGCC, Maybank Cambodia, BNI-Super and CWEA under an MOU to capacitate SMEs with skills to elevate their entrepreneurship and provide credit guarantees to SMEs.
This second workshop features among others special sharing sessions on the topics of “Marketing Strategy for Recession-Proofing and Business Competition during Economic Expansion” and “Online Business in Cambodia”.
Mr. No Lida, Deputy CEO of CGCC, led CGCC’s delegation to attend the 2023 International Seminar on Enhancing Financial Accessibility of MSMEs that was held on 18th October 2023, in Singapore, and presented about CGCC’s Credit Guarantee Scheme for Building Reliable Credit Guarantee Infrastructure to Help MSMEs Better Access Financial Services.”
This international seminar was attended by more than 46 representatives and observers from 10 countries, including Cambodia, Korea, Brunei, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Through this international seminar, representatives of each participating institution made a presentation to share about their institutions, especially, the law and regulation, schemes/products, procedures, and mechanisms, especially credit guarantee schemes to support the development of MSMEs.
On 10 October 2023, CGCC organized the Third CGCC Town Hall meeting of 2023 to review the progress in Q3 and plan in Q4 2023.
The 3rd Town Hall Meeting was attended by all CGCC staff and a guest of honor, Mr. Oeur Sothearoath, Chief Executive Officer of Credit Bureau Cambodia (CBC). CGCC Town Hall meeting is not only for reviewing and evaluating CGCC’s progress but also a platform for a general discussion on the current situation of the banking and financial sector in Cambodia.
On 29 September 2023, Credit Guarantee Corporation of Cambodia (CGCC) and the Branch of Kasikornbank Public Company Limited (Phnom Penh) signed the Credit Guarantee Agreement. The Signing Ceremony was held at CGCC’s office with the honorable presence of H.E. Ros Seileva, Secretary of State of the Ministry of Economy and Finance, and Chairman of CGCC, H.E. Cherdkiat Atthakor, Ambassador of Thailand to Cambodia, and Mr. Suwat Techawatanawana, Executive Vice President of Kasikornbank Thailand.
Mr. Wong Keet Loong, Chief Executive Officer of CGCC, said: “We are very honored to have this partnership with a leading bank of Thailand to offer credit guarantees to support their MSME financing in Cambodia. The bank branch here can tap on their experience in Thailand, where the banking sector is very experienced in providing guaranteed loans. With this experience, we hope the bank will extend guaranteed financing to benefit Cambodian-owned businesses.
This collaboration also opens up opportunities for us to explore cross-border guarantees between businesses in Thailand and Cambodia. We have plans to understudy and collaborate with the Thai Credit Guarantee Corp, which has more than 30 years of experience, towards the end of this year.”
Mr. Ritthiwut Watthanachai, General Manager of the Branch of Kasikornbank (Phnom Penh), said: “Cambodia is at the center of Kasikornbank’s regional expansion strategy. This initiative seamlessly aligns with our business plan for the next phase, which we aim to leverage our experience in supporting small and medium-sized businesses in Thailand and replicate a similar model to serve local Cambodian SMEs. The partnership with CGCC will be the key enabler for us in extending our reach to a broader entrepreneur base, while improving our service capabilities. As the first Thai bank who joins the credit guarantee scheme, this partnership underlines Kasikornbank’s aspiration and commitment in supporting the Government’s vision for SME development.”
CGCC aims to improve financial inclusion and develop MSMEs with the main mission of providing guarantees for loans through Participating Financial Institutions (PFIs) to MSMEs. Meanwhile, the Branch of Kasikorn Bank (Phnom Penh) is a foreign bank branch of Kasikornbank Public Company Limited, known as KBank, one of Thailand’s leading financial institutions. The branch provides a wide range of financial services and solutions to individuals and businesses.
With a strong presence in Cambodia, the Branch of Kasikornbank (Phnom Penh) has now become one of the 27 Participating Financial Institutions (PFIs) of CGCC, committing to assisting business entities in line with the Government’s direction to support MSMEs. CGCC and Kasikornbank are confident that this partnership will help to address the financing gap faced by many MSMEs in Cambodia and contribute to the growth and development of the country’s economy.
CGCC is the only credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. The primary mission of CGCC is to provide credit guarantees to improve financial inclusion and support the growth of SMEs in Cambodia.
About Branch of Kasikornbank Public Company Limited (Phnom Penh)
The Branch of Kasikornbank Public Company Limited (Phnom Penh) was granted the commercial banking license by National Bank of Cambodia in November 2016. The initial registered capital was MUSD 50, which has been increased to MUSD 80 as of 2023. As an integral of Kasikornbank, the branch aims to provide best in class financial products and services to both local and foreign business in Cambodia. Given Kasikornbank’s presences in China, Indonesia, Vietnam, Lao PDR, and Thailand, the branch also focuses on connecting customers from across the region.
On 15th September 2023, the Credit Guarantee Corporation of Cambodia (CGCC) and Cambodia Chamber of Commerce (CCC) co-organized a seminar on “Guaranteed Loans to Support the Development of Small and Medium Enterprises” in Pailin province in collaboration with Pailin Chamber of Commerce with more than 80 participants from Management and staff of participating financial institutions (PFIs) and small and medium business owners in Pailin and other provinces. The seminar was also presided over by H.E. Oknha. Lor Sun Cheang, President of Pailin Chamber of Commerce, Mr. No Lida, Deputy CEO of CGCC, Mr. Hun Vatha, Vice President of Cambodia Agricultural Corporative Alliance (CACA), and the presentations by representatives from LOLC Microfinance Institution and ABA Bank as well.
Through this seminar, small and medium business owners are informed about the benefits of guaranteed loans through CGCC’s participating financial institutions in response to the lack of collateral when applying for a loan to expand and rehabilitate their businesses more.
On 7th & 19th September 2023 at 2:00 pm, CGCC organized the 15th Board of Directors Meeting at CGCC Office under the chairmanship of H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance, and Chairman of CGCC’s Board of Directors, with the presence of members of the Board of Directors and the state controller.
The agenda of this 15th Board Meeting includes:
(1) CGCC Work Progress Report
(2) Strategic Business and Budget Plan for 2024
(3) SDG Financing Facility with UNDP
(4) Other Matters
CGCC’s Board of Directors Meeting is regularly organized to review, endorse, and approve CGCC’s activities and progress, especially the credit guarantee schemes, to ensure the transparency and efficiency of CGCC.