CGCC

Job Vacancy with CGCC – Deputy Manager of Legal and Company Secretariat, Deputy Manager of Project Management, IT Security Assurance, អ្នកបើកបរ

Credit Guarantee Corporation of Cambodia Plc. (CGCC) is a state-owned enterprise established under the Ministry of Economy and Finance. CGCC was recently set up to improve financial inclusion and develop the growth of SMEs in Cambodia. It plays an important role in the economic development of the country.

We are expanding our team! Join us, If you want to be part of the team, CGCC is urgently seeking qualified candidates for the following positions:

Deputy Manager of Legal and Company Secretariat

Key Responsibilities

  • Assist direct reporting line supervisor in drafting and reviewing legal documents including contracts/agreements and memorandum of understanding between CGCC, participating financial institutions (PFIs), stakeholder and suppliers, court documentation, guidelines, policy, law and regulations, to support the operation of Legal and Company Secretary Department (LCS).
  • Assist in providing legal advice and solving legal matters to protect the CGCC’s interest.
  • Conducting research of legal information, laws, governmental regulations, rules, circulars, orders, instructions, and others and keeping up to date with changing legislation that may impact CGCC’s business and organizing legal libraries.
  • Drafting, formatting, and proofreading correspondence and basic legal documents, ensuring accuracy and consistency.
  • Translating legal documentation
  • Liaising with governmental regulators or authorities, legal counsel or lawyer, court on related matters and attending court process.
  • Organizing board and sub-board meetings, preparing agendas and papers for the meetings.
  • Convening and servicing meetings, taking minutes, drafting resolutions and meeting minutes, and arranging and maintaining these documents in an appropriate manner.
  • Coordinating with the Board and sub-board for related matters.
  • Drafting letters or documents on related matters and submit to the Ministry of Economy and Finance, other ministries or governmental authorities as necessary.
  • Maintaining corporate statutory documentations including constituent document, corporate document approved by relevant authorities, and filing any documents with relevant authorities
  • Attending any seminars, conferences, or events organized by CGCC, PFIs, stakeholders, ministries or governmental authorities.
  • Collaborate with direct reporting line supervisor in developing and delivering legal education and training programs to internal staffs to build capacity and to foster a culture of professional development.
  • Provide administrative support to LCS, including arranging files, tracking records, contract/agreements, other legal documents, travel arrangement, etc.
  • Complete other work as assigned by direct reporting line supervisor.

Qualification Requirements

  • Bachelor of law or Master of law graduate having at least 3 year-experience in law firm, in-house legal in banks, financial institutions, or in any companies.
  • Having knowledge on relevant Cambodian laws and regulations, especially banking and finance laws and regulations.
  • Meticulous attention to detail and the ability to work well under pressure.
  • Interpersonal skills and the ability to work with people at all levels
  • Good organization and time management.
  • An ability to take initiative.
  • A flexible and practical approach to work.
  • Fluent in English and Khmer, both writing and speaking
  • Strong administrative skills and an aptitude for using IT software.
  • Good verbal and written communication skills.

 

Deputy Manager of Project Management

Key Responsibilities

  • Assist in strategic planning to manage, develop, and execute projects that cater to market needs.
  • Assist in preparing of all project management aspects, including design, structure, cost estimation, workflow creation, and monitoring processes.
  • Assist in project execution, encompassing the development of launch plans, roll-out schedules, post-launch monitoring, and project evaluations.
  • Facilitate training sessions for both internal colleagues and external stakeholders.
  • Conduct comprehensive market research and data analysis to formulate recommendations for CGCC product design and service delivery to meet market demands.
  • Oversee and analyse project rollouts, proposing activities to achieve organizational objectives.
  • Foster and maintain relationships with CGCC development partners and other international stakeholders.
  • Perform any other roles and responsibilities as assigned by management periodically.

Qualification Requirements

  • A minimum of master’s degree holder in Economics, Finance, Business, Management, Public Administration, or other related fields.
  • At least three years of working experience in project management or product development in the banking/financial industry or other related industries.
  • Proven coordination, communication, interpersonal and diplomatic skills.
  • Ability to work effectively as a team with a sense of responsibility, flexibility, adaptability, and ability to learn and work under pressure.
  • Ability to prioritize tasks effectively, maintain timelines, and manage/plan workloads effectively.
  • Strong verbal and written communication skills in Khmer and English.
  • Competence in Microsoft Office Software

 

IT Security Assurance

Key responsibilities

Security Policy and Strategy:

  • Review and enhance the company’s IT security policy, standards, and processes to align with international security frameworks, best practices, and evolving regulations.
  • Collaborate in the implementation of robust security standards and policies across the company.

Security Assessments and Testing:

  • Conduct vulnerability assessments, penetration testing (including web application and network penetration testing), and security audits to identify and mitigate potential security risks.
  • Evaluate existing security controls and identify areas of non-compliance or vulnerability, recommending and implementing corrective actions.
  • Stay informed of the latest cyber threats and vulnerabilities, proactively adapting security measures.

Security Operations and Incident Response:

  • Provide independent oversight on security operations, including patch management, vulnerability management, and configuration management.
  • Manage and monitor security logs, analyze security incidents, and implement appropriate response procedures.
  • Collaborate with internal teams to investigate and remediate security incidents, ensuring timely containment and recovery.

Compliance and Training:

  • Assist in ensuring regulatory compliance and adherence to information security-related laws, rules, and regulations.
  • Prepare for and participate in internal and external audits, ensuring adherence to information security regulations and compliance requirements.
  • Develop and deliver security awareness training programs for employees to educate them on cybersecurity best practices and potential threats.

Communication and Collaboration:

  • Communicate effectively with internal and external stakeholders, including senior management, to provide clear and concise security reports and recommendations.
  • Foster collaboration across departments to promote a culture of security awareness and shared responsibility.
  • Other security, infrastructure and application administration tasks as assigned by the line manager.

Qualification Requirements

  • Bachelor’s degree in information technology, Computer Science, Cybersecurity, or a related field. Fresh graduates are welcome to apply.
  • No prior experience in information security is required. We provide comprehensive professional training to help you acquire the necessary skills and knowledge.
  • Willingness to learn penetration testing methodologies, including web application and network penetration testing. Training for certifications such as OSCP, CEH, and other relevant security frameworks (e.g., CISSP, CISA, ISO 27001) will be provided.
  • We encourage recent graduates and IT professionals looking to switch roles to consider a career in IT Security Assurance.

 

អ្នកបើកបរ

ទំនួលខុសត្រូវសំខាន់ៗ

  • ដឹកជញ្ជូនបុគ្គលិកក្រុមហ៊ុន ក៏ដូចជាផលិតផល និងសម្ភារៈផ្សេងៗ ទៅកាន់ និងពីទីតាំងដែលបានបញ្ជាក់ដោយសុវត្ថិភាពទាន់ពេលវេលា។
  • ធានាបាននូវពេលវេលា និងការដឹកជញ្ជូនប្រកបដោយសុវត្ថិភាព និងបើកបរដោយសុវត្ថិភាពយានជំនិះការិយាល័យដែលបានចាត់តាំងដោយគោរពតាមច្បាប់ និងបទប្បញ្ញត្តិដែលបានកំណត់។
  • អនុវត្តភារកិច្ចផ្សេងទៀត និងការចាត់តាំងពិសេសណាមួយដែលត្រូវបានចាត់តាំងដោយអ្នកគ្រប់គ្រង និងនៅពេលដែលចាំបាច់សម្រាប់ CGCC ។

តម្រូវការគុណវុឌ្ឍិ

  • ការប្រាស្រ័យទាក់ទងគ្នាដោយពាក្យសំដី និងជំនាញអន្តរបុគ្គលដ៏ល្អ
  • ប័ណ្ណបើកបរដែលមានសុពលភាព (ប្រភេទ ​ឃ​ )
  • សមត្ថភាពក្នុងការរក្សាសុវត្ថិភាព និងសន្តិសុខទាំងភ្ញៀវខាងក្នុង និងខាងក្រៅ
  • ការយល់ដឹងច្បាស់អំពីផែនទី និងទិសដៅ និងច្បាប់ចរាចរណ៍។

 

Deadline: 31st July 2024

 

Understanding Credit Guarantee-Interview with Participating Financial Institution (Acleda Bank)

Read and Download in PDF: Interview with Participating Financial Institution (ACLEDA Bank)

 

1. What is ACLEDA Bank’s perspective towards the credit guarantee schemes and why does your bank partner with CGCC?

Credit guarantee schemes of Credit Guarantee Corporation of Cambodia “CGCC” are good and essential schemes contributing to the development of the country’s national economy by providing credit guarantees to Small-sized and Medium-sized Enterprises (SMEs), and Large Enterprises which are financially viable but with insufficient or no collateral to enable them to get official loans from ACLEDA Bank as well as other PFIs. Through the credit guarantee from CGCC, the Bank could expand credit market, promote financial inclusion and manage credit risks effectively.

ACLEDA Bank has joined and become one of the participating financial institutions (PFIs) for the following main reasons:

  • Participate with the Royal Government’s initiatives and schemes to support the country’s socio-economic development.
  • Support and encourage SMEs and Large Firms to obtain formal loans from the licensed financial institutions for both working capital and business expansion.
  • Contribute to creating employment opportunities for people through the growth of businesses obtaining the formal loans under CGCC’s credit guarantee.

 

2. How do the credit guarantee schemes benefit ACLEDA Bank and your customers?

The credit guarantee schemes offer many benefits to both ACLEDA Bank and the customers as follows:

  • For ACLEDA Bank:
    • Diversify the credit products in line with the Bank’s strategic plan.
    • Manage credit risks effectively.
    • Maintain the existing customers and attract new potential ones.
  • For the customers:

    • Offer choices to the customers and be able to get formal loans for the expansion of their business activities.
    • Improve their living conditions through the growth of businesses.
    • Have a chance to create employment opportunities for their communities and promote innovation in their products and services.

3. So far, which type of loans does ACLEDA Bank use the credit guarantees to support SMEs?

So far, ACLEDA Bank uses the credit guarantees to provide business loans, revolving facility, and overdraft facility to our customers as SMEs and Large Enterprises in both priority and non-priority sectors to meet their business needs.

 

4. How should the borrowers prepare themselves to get guaranteed loans from ACLEDA Bank?

To obtain the guaranteed loans from ACLEDA Bank, the borrowers both individuals and legal entities shall meet the following criteria:

  • Business activities operate in Cambodia and majority Cambodian-owned businesses (shareholding of more than 50%)
  • Business registration issued by the appropriate government authorities
  • Financially viable businesses and accurate financial statements
  • Have owner equity and specific business plan
  • Loan utilization in accordance with the purposes as mentioned in the credit proposal
  • Willingness to comply with the loan obligations etc.

 

5. What is the ACLEDA Bank’s strategy/plan to further expand the disbursement of guaranteed loans in 2024?

ACLEDA Bank still continues to stimulate the disbursement of guaranteed loans in 2024 through promoting credit guarantees to both existing and new customers who need financing as well as  providing the trainings and refresher courses on the knowledge of credit guarantees to all the credit-related staffs of all branches nationwide, providing technical support for credit guarantees, especially having a good collaboration with CGCC to support and enhance the growth of guaranteed loans in a sustainable manner.

 

CGCC and Bridge Bank Signed on Credit Guarantee Agreement to Support Businesses in Access to Guaranteed Loans

On 07 February 2024, Credit Guarantee Corporation of Cambodia (CGCC) and Bridge Bank officially announced the partnership in the signing ceremony on the Credit Guarantee Agreement to provide support to micro, small, and medium enterprises (MSMEs) and large enterprises, in easier access to bank’s loans with CGCC’s Guarantee for business development.

The partnership between CGCC, a state-owned enterprise, under the financial and technical guidance of the Ministry of Economy and Finance, and Bridge Bank, a commercial bank with a commitment to support the local MSMEs, will enable Bridge Bank to expand the opportunity to be confident in providing the loans to financially viable businesses but lack of collaterals, by using credit guarantees of CGCC.

CGCC and Bridge Bank

Mr. Wong Keet Loong, Chief Executive Officer of CGCC said: “This partnership with Bridge Bank opens up a new channel for us to reach out to support the Bank’s SMEs in getting loans when they lack collateral.  Our participating FIs will evaluate the eligibility of SMEs for guaranteed loans as they know the financial needs and repayment capability of the borrowers. Our guarantees are vital to ensure the continuous supply of credit into the market to support more economic activities.”

CGCC and Bridge Bank

Mr. Richard Liew, CEO of Bridge Bank said: “SMEs are one of the backbones of Cambodia’s economy, contributing significantly to the country’s GDP growth as well as providing employment opportunities to all Cambodians. However, some of these businesses often face challenges in accessing financing to support their growth. That is where this partnership between Bridge Bank and CGCC comes in. Through this MoU, we hope to provide MSMEs with easier access to loans by leveraging CGCC’s expertise in credit guarantee services. This will help to mitigate the risk of default and enable us to offer more competitive loan rates, thus increasing the affordability of credit for MSMEs.”

Through this agreement, Bridge Bank has now become one of the 28 Participating Financial Institutions (PFIs) of CGCC, committing to assisting business entities in line with the Government’s direction to support MSMEs. CGCC and Bridge Bank strongly believe that this partnership will be one of the key instrumental in addressing the financing gap faced by many MSMEs and will contribute to the growth and development of the country’s economy.

CGCC and Bridge Bank

About CGCC

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. Visit CGCC’s website for more information: www.cgcc.com.kh

 

About Bridge Bank

Bridge Bank provides a comprehensive range of banking products, such as loan services including home, automotive, personal, and business loans, as well as deposit services, payroll and remittance services.

Bridge Bank’s vision and mission are “to be your preferred financial partner of today and generations to come,” and “to provide financial services you can trust through our global service standards, making banking simple and secure.”

Please visit us for more details via www.bridgebank.com.kh​

Courtesy Visit by CGCC to Kasikornbank in Thailand

On 01 December 2023 in Bangkok, Thailand, CGCC’s delegation, led H.E. Dr. Mey Vann, Secretary of State of the Ministry of Economy and Finance and Chairman of the Board’s Risk Management Committee of CGCC, paid a courtesy visit to the Kasikornbank (KBank) Public Company Limited based in Thailand, highly represented by Mr. Suwat Techawatanawana, Executive Vice President of KBank in Thailand, at the KBank’s Building in Bangkok, Thailand, with the participation from the management of KBank in Thailand and Phnom Penh Branch, which in one of CGCC’s PFI.

Courtesy Visit by CGCC to Kasikornbank in Thailand
Courtesy Visit by CGCC to Kasikornbank in Thailand

H.E. Dr. Secretary of State expressed his appreciation for the warm welcome of the management of KBank Thailand, and also exchanged views about the economic situation in Cambodia and Thailand, and H.E. raised on the collaboration between CGCC and the Branch of Kasikornbank (Phnom Penh), which recently became one of CGCC’s PFIs in 2023.

In response, Mr. Executive Vice President of KBank Thailand​ expressed gratitude and appreciation for the courtesy visit of CGCC’s delegation, and especially shared with CGCC the progress of KBank as well as the experience of providing loans guaranteed by Thai Credit Guarantee Corporation in Thailand.

This courtesy visit provided such a great opportunity for both CGCC and KBank for a mutual understanding of the current economic situation in both countries, especially for strengthening the collaboration between both institutions for the like-minded vision in supporting MSMEs.

Courtesy Visit by CGCC to Kasikornbank in Thailand
Courtesy Visit by CGCC to Kasikornbank in Thailand
Courtesy Visit by CGCC to Kasikornbank in Thailand
Courtesy Visit by CGCC to Kasikornbank in Thailand

CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans

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.

CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans

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.”

CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans

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 and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans
CGCC and the Branch of Kasikornbank Public Company Limited (Phnom Penh) Signed on Credit Guarantee Agreement to support Cambodian MSMEs to Access to Guaranteed Loans

About CGCC

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.

CGCC gets Honorable Mention in Global Finance SME Award 2023

Credit Guarantee Corporation of Cambodia (CGCC), a state-owned enterprise under the Ministry of Economy and Finance was established in November 2020.  Since it started operations in March 2021, CGCC has launched several credit guarantee products to support loans extended to MSMEs through its participating Financial Institutions (PFIs).  With CGCC’s credit guarantee, it has brought a positive impact on the economic activities of MSMEs with credit additionality of approximately USD145mil guaranteed loans.  CGCC has supported financing to about 1,700 MSMEs who provide jobs to more than 27,000 workers.

The impact of CGCC has been steadily growing.  Many PFIs are seeing the benefits of providing guaranteed loans as a risk-sharing mechanism and for capital management purposes, as guaranteed loans will carry a zero-risk weight from 2024 onwards. With the support of CGCC, PFIs will be able to extend more credit to business entrepreneurs.

The accomplishments of CGCC have been recognised by the SME Finance Forum with an Honorable Mention in the “Product Innovation of the Year” category of the Global SME Finance Awards 2023.  The awards presentation was held in Mumbai recently, endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), capturing the effective and successful practices of institutions, honouring the innovative products and services for SME clients that have achieved impressive results in expanding finance and services to SMEs and the institutions that undertake those efforts.

Wong Keet Loong, CEO of CGCC, commented “We are honoured to receive this recognition for the work we have done at CGCC.  This achievement is testament to our part in supporting MSMEs in getting loans to grow their business”.  He added that “this award is dedicated to all CGCC staff who have been committed to being part of a state-owned enterprise to play a role in supporting the growth of MSMEs and nation building.  My salute to them for their passion and dedication and I hope that this recognition will continue to inspire them to excel further”.

CGCC has been recently accredited by SERC to be Cambodia’s first bond guarantee institution.  With that, CGCC is now able to support all segments of businesses from small to large enterprises in obtaining financing.  The credit guarantee is an effective financial tool to improve financial inclusion.

Credit to: Khmer Times, Publish on 26 September 2023

CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee

From 11 September to 14 September 2023, CGCC team led by Mr. Hor Saopiseth, Manager of Centralized Operations of CGCC, visited provincial branches of selected participating financial institutions (PFIs) to discuss with the management and staff of the selected PFIs the implementation of CGCC’s credit guarantee schemes. The selected PFIs in 4 provinces including:

– Kampong Chnang province: ABA Bank and Chamroeun Microfinance

– Pursat province: Prince Bank, Canadia Bank and Chamroeun Microfinance.

– Battambang Province: Prince Bank, FTB Bank, and Maybank

– Pailin Province: LOLC Microfinance, Phillip Bank and ABA Bank.

The discussions with CGCC PFIs’ provincial branches in these 4 potential provinces provided opportunities for both CGCC and PFIs to enhance mutual understanding of credit guarantees and opportunities for PFIs to increase lending to borrowers that lack collateral when requesting loans.

CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee
CGCC visits PFIs provincial branches in Kampong Chnang, Pursat, Battambang & Pailin to Enhance Collaboration on the Credit Guarantee

CGCC accredited as Cambodia’s first bond issuance guarantor

The Securities and Exchange Regulator of Cambodia (SERC) under the Non-Bank Financial Services Authority (FSA) of the Ministry of Economy and Finance (MEF) has accredited the state-owned Credit Guarantee Corporation of Cambodia (CGCC) as the country’s first  guarantor for bond issuance to support local companies in raising funds, said a statement.

The statement obtained by Khmer Times last Friday pointed out that the SERC issued a formal letter to accredit CGCC as Cambodia’s first bond issuance guarantor on August 22, 2023, which will play an important role in the development of the securities sector in the country through being a third party in making payments of timely interest and principal.

CGCC has developed a policy framework on bond guarantee that was approved by Deputy Prime Minister and Minister of MEF Aun Pornmoniroth on May 17, 2023, in response to the sustainable development of Cambodia’s financial market through the company’s delivering guarantee on bond issuance services to corporations to raise funds for business development.

“The guarantee on bond issuance service can provide further support to encourage bond issuance by local companies, attract investors to invest in corporate bonds, increase the liquidity of riel from the bond issuance and improve the credit rating of corporate bonds, in which response to the sustainable development of the financial market,” said the statement.

Sou Socheat, Director General of SERC, told Khmer Times last Friday that accrediting the CGCC as a guarantor is another milestone for our bond market development and the presence of CGCC in the securities market is expected to help to boost the bond market development in Cambodia through building more market confidence and lower the issuance cost.

“As for our regulation, we cover only corporate bonds but we also don’t prohibit [the guarantor] from guaranteeing the government bonds,” said Socheat, when asked whether CGCC or a bond guarantor can guarantee government bonds or not. “So, it should be their answer if they want to provide guarantee to government bond,” Socheat pointed out.

Wong Keet Loong, CEO of CGCC, said that CGCC has become the first bond guarantee institution in Cambodia to corporate bonds listed on the country’s stock market Cambodia Securities Exchange (CSX), which is a step towards developing the bond market in Cambodia and the company will apply for a credit rating from the Rating Agency of Cambodia.

“Private sector businesses can now raise funds via issuing a bond to support their business expansions [as] bond issuance is another option for private sector companies to obtain funds besides loans from financial institutions,” said Keet Loong, adding that a credit rating will enhance the bond rating of the corporate bond that is guaranteed by CGCC as the guarantor.

“With our guarantee, bond investors will have added confidence in investing in corporate bonds. Local financial institutions including insurance companies can now become bond investors with guarantees. As a local bond guarantor, we hope to attract more foreign funds to the stock exchange,” said Keet Loon. CGCC gets technical and financial support from MEF.

Ros Seilava, Secretary of State of MEF, said allowing CGCC to expand its business to bond guarantee is a long-term consideration of the government to make full use of CGCC’s role to participate in the development of the bond market through guarantee on bond issuance in addition to CGCC’s on-going implementation on loan guarantee in the banking sector.

“[It] reflects the government’s strong commitment to ensure the sustainability of the company’s businesses to support the development of small and medium enterprises in our country,” said Seilava, who is also the chairman of CGCC with its primary mission to provide credit guarantee to improve financial inclusion and support the growth of SMEs in Cambodia.

Credit to: Khmer Times

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

On Aug 22, 2023, Credit Guarantee Corporation of Cambodia (CGCC), Federation of Association for Small and Medium Enterprises of Cambodia (FASMEC), and Wing Bank have entered into a strategic partnership to promote access to guaranteed loans for the development of Small and Medium Enterprises (SMEs) in Cambodia. This cooperation will provide support to SMEs, mainly FASMEC’s members, for greater access to finance despite collateral challenges and to promote financial literacy, including credit guarantees to FASMEC members across the country.

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

The MoU Signing Ceremony is held at Wing Bank Head Office, presided by Mr. Wong Keet Loong, Chief Executive Officer of CGCC, Okhna Te Taing Por, President of FASMEC, and Mr. Han Peng Kwang, CEO of Wing Bank.

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

Mr. Wong Keet Loong, CEO of CGCC said, “We are excited to be a partner with Wing Bank and FASMEC this year in order to support FASMEC’s SME members to increase their access to loans with Wing Bank supported by guarantees from CGCC. Also, we believe that this partnership will enable CGCC to reach out to more SMEs during our outreach programs when we carry out workshops on SME development throughout the provinces, which is part of our long-term goals at CGCC to improve the growth of SMEs”.

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

Okhna Te Taing Por, President of FASMEC, said, “We are delighted to collaborate with Wing Bank and Credit Guarantee Corporation of Cambodia (CGCC) because it provides an opportunity for FASMEC member SMEs who lack collateral in finance to expand and grow their business.”

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

Mr. Han Peng Kwang, CEO of Wing Bank, said, “Through our innovative financial solutions and partnership with CGCC and FASMEC, we are committed to empowering SMEs with greater access to finance,” said Han Peng Kwang, CEO of Wing Bank. “By providing flexible banking services and credit support, we are enabling SMEs to seize growth opportunities, drive innovation, and contribute to the overall prosperity of Cambodia.”

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

This partnership between CGCC, FASMEC, and Wing Bank demonstrates a shared commitment to promoting economic growth and development in Cambodia. By working together, the three organizations will help SMEs overcome financing challenges and unlock their potential including improving financial literacy to drive economic growth in the country.

Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank
Signing MoU on Strategic Partnership to Support Small and Medium Enterprises in Access to Guaranteed Loans Between CGCC, FASMEC, and Wing Bank

 

About CGCC

CGCC is the first-ever credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. CGCC’s main mission is to provide credit guarantees to lenders on loans made to businesses based on international standards to share the risk with lenders and to improve financial inclusion. For more info, please visit: www.cgcc.com.kh

 

About FASMEC

FASMEC is a federation formed by a group of associations and small and medium enterprises in Cambodia, established and registered by the Ministry of Interior in 2010. FASMEC’s vision is to connect Cambodian small and medium-sized enterprises to local and international markets. FASMEC’s mission is to bring together Cambodian small and medium-sized businesses and collaborate to ensure that the quality of Cambodian products is recognized internationally. Aims to improve the business environment by developing training courses, increasing productivity and innovation, and challenging the challenges of small and medium-sized businesses.

 

About Wing Bank

Wing Bank (Cambodia) Plc – the bank for every Cambodian – is driven by the vision to provide every Cambodian with convenient access to financial services relevant to, and for the improvement of, their daily lives since 2008. Today, Wing Bank serves the entire Cambodian population with 100% coverage of the districts in Cambodia thanks to the innovative Wing Money App, more than 11,000 Wing Cash Xpress agents, over 150,000 merchants, and partnerships with industry giants such as Mastercard, MoneyGram, AliPay, WeChat Pay, Western Union, Visa, and Ria. Wing Bank provides an array of advanced financial products both for individual and corporate customers. These include loans, deposits, micro-savings, credit referral services, money transfers, utility and insurance payments, supply chain payments, payroll services and even phone top-ups.  Wing Bank is committed to providing financial, gender and digital inclusion to the unbanked and the under-banked, allowing every Cambodian to enjoy convenience and security when it comes to financial services.

CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia

On 7 to 11 August 2023, CGCC Delegation, led by H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance (MEF), and Chairman of CGCC, attended the 35th ACSIC Conference in Ulaanbaatar, Mongolia, hosted by Credit Guarantee Fund of Mongolia (CGFM), under the theme “Looking ahead: fostering green financing for sustainable development”.

CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia

During the conference, H.E. Chairman of CGCC gave a warm greeting remark to all the participants on credit guarantee mechanism, as a supplement to the sustainable financial state in Cambodia.

CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia

Moreover, Mr. KL Wong, CEO of CGCC, was also invited as a speaker to the panel discussion on “Design, Implementation and Monitoring: The Role of Credit Guarantee Schemes in Addressing the Perceived Higher Risks Associated with Green Finance Investments”.  In this panel discussion, Mr. KL Wong shared the progress of CGCC in developing a guarantee scheme to support green financing for sustainable development by collaborating with various government ministries and development agencies in supporting the country’s commitment to participate in reducing GHG emissions by about

CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
From Left to Right: Mr. Tsogtsaikhan Sarantuya, Chairman of the 35th ACSIC Conference and Acting Executive Director of Credit Guarantee Fund of Mongolia (CGFM), Mr. Jambaltseren Tumur-Uya, Secretary of State of the Ministry of Food, Agriculture and Light Industry and Chairman of the Board of the CGFM, H.E. Ros Seilava, Chairman of CGCC, and Mr. Wong Keet Loong, CEO of CGCC

Through this conference, delegates from members/observers also got the chance to share and exchange their respective views on respective topics around green financing for sustainable development through expert insight discussions, plenary discussions, fireside chats, panel discussions, and keynotes, in which to bring the solidarity effort toward building and developing the green financing, a key driver of positive change, as it’s not just relevant but vital in the face of current environmental challenges.

The 35th ACSIC conference was participated by approximately 120 delegates representing members/observers of ACSIC from 13 countries in Asia including Cambodia, Indonesia, India, Japan, Korea, Malaysia, Mongolia, Nepal, Papua New Guinea, Philippines, Sri Lanka, Taiwan, and Thailand.

ACSIC is the cooperation of largest Asia’s credit guarantee organization established in 1987, designed to improve the credit guarantee system, which currently is participated by 19 credit institutions of 13 Asian countries.

CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
CGCC delegates during the official meeting with KODIT delegates: Mr. Choi Won Mok, Chairperson and CEO, Mr. Youn Jung-In, Policy Advisor, Mr. Hur Seung-Wook, Chief Director
CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia
CGCC Participated in the 35th Asian Credit Supplementation Institution Confederation (ACSIC) Conference in Mongolia