This service agreement will create – for the existing 176 members of CBC – greater access not only to credit status and history reports but also to provide a reliable, faster, safer, and more convenient property valuation service in a one-stop shop.
VTrust Appraisal Co., Ltd, a leading local real estate appraisal company has entered into a service agreement with Credit Bureau (Cambodia) Co., Ltd to officially launch its digital-based property appraisal platform – INDICATION PLUS. The move is said to help lenders in multiple stages of the loan management cycle, and it will greatly enhance the operational efficiency of the financial industry across the Kingdom.
Entering into force of the service agreement was witnessed during an official ceremony at the 10th Anniversary Business Forum of CBC on 30th September 2022; with the presence of senior representatives of the National Bank of Cambodia, ministries, CBC, VTrust as well as banks and financial institutions. The agreement was inked by Mr. Vong Sokhal, Chairman of Vtrust Appraisal, and Mr. CBC’s CEO Mr. Oeur Sothearoath.
This service agreement will create – for the existing 176 members of CBC that consist of commercial banks, specialized banks, microfinance institutions, leasing companies, and rural credit institutions – greater access not only to credit status and history reports but also to provide a reliable, faster, safer and convenient property valuation service in a one-stop shop. Indication Plus Platform is a digital-based property valuation. It is automatically analyzed and issued a summary form of a comprehensive real estate appraisal report from a reliable online system, calculated by experts, and complies with international professional standards.
Mr. Vong Sokhal, Chairman of VTrust Appraisal has said that the agreement with CBC will enable the company to digitalize property valuation across the financial industry in Cambodia for wider access to finance for Cambodians. He went on to state that the move will help to build a vibrant digital economy and society, and further promote the Kingdom’s economic growth.
“Since the launch of our Indication Plus Platform at the beginning of 2021, we have recorded almost one million properties data, and serves an average of a few thousand properties everyday used by dozen corporates mainly our strategic partners,” said Mr. Vong Sokhal,
“As Cambodia is digitalizing at a rapid pace, we have combined our almost two decades of experience in property valuation with the latest technologies to benefit the Cambodian borrowers as well as lenders through convenient and affordable property valuation,” he emphasized.
A panel discussion also happened during the celebration of the 10th anniversary of CBC which channeled toward the risk of financial lending amid the economic uncertainty and the rapid growth of technology. The market trends for financial institutes and the real estate sector were also discussed during the panel discussion with experts from the banking, financial institutes, and companies in the real estate industry.
Speaking at the signing ceremony event, CBC’s CEO Mr. Oeur Sothearoath, said that this agreement is a testimony of the collaboration synergy, and commitment made to transform credit market efficiency.
He said, “VTrust is one of the long-standing and trusted companies in real estate appraisal since 2004 already serving many borrowers and financial institutions in the country,”
“This collaborative effort will offer to our members as a value-added service on a demand-driven basis who would like to adopt this to access digitally powered, affordable and convenient real estate appraisal service for quick credit risk assessment,” he added.
CBC reports indicate that mortgage shares more than 50% of the overall consumer credit balance portfolio. Additionally, more than 50% of the financial industry’s lending is secured loans and the majority of which are backed by land title-based collateral.
“This leads us to realize that real estate appraisal is at the heart of credit risk assessment. Enabling frictionless data-driven credit risk assessment is the primary focus of CBC. Being a key financial infrastructure in the country, we constantly innovate and launch new scalable solutions that can benefit our member financial institutions across the entire financial industry,” Mr. Oeur Sothearoath emphasized.