English 
ភាសាខ្មែរ 
Vtrust Appraisal Co., Ltd has reached an agreement with Credit Bureau Cambodia (CBC) to integrate its digital-based property valuation platform with CBC’s credit management system, exposing a new chapter of the appraisal firm journey in digital transformation.
The two firms on Thursday, May 27 signed a Memorandum of Understanding (MoU), in a bid to significantly enhance in property valuation for financial sector, where Vtrust’s Indication Plus — a digital property valuation platform — and CBC credit management system are integrated.
The signing ceremony goes virtual where Vtrust Appraisal’s Chairman Mr.Vong Sokhal and CBC’s CEO Oeur Sothearoath signed the agreement.
Mr.Oeur Sothearoath (left) and Mr.Vong Sokhal (right) show the document on the agreement
Mr. Vong Sokhal said in the ceremony that with consumer experience being of the utmost importance to the Indication Plus Platform, as the most reliable Online Property Valuation service of Vtrust Appraisal, MoU has been agreed with CBC.
“The integration between CBC’s credit report and VTrust’s Indication Plus Platform MoU will create, for the existing 167 members of CBC, a greater access not only to credit status and history reports, but also providing a reliable, faster, safer and convenient property valuation service in a one stop shop,” he said.
Having met the same common objective between the two firms, Mr. Sokhal stated that “We will use complimentary solutions that enable scalable access to efficiently and transparently serve customers and raise the professional profile of our industry, as well as service the wider communities’ and the credit needs of the people in the Kingdom.”
Property valuation—reliable, transparency, faster, and comprehensive—plays vital role in the financial sector’s operation, especially when it comes to loan applications, according to financial industry insiders. This is because the amount of loan will be granted to consumer based on their collateral value and repayment capacity. And therefore; lenders can assess loan applicants properly while avoiding risks.
According to CBC’s CEO Oeur Sothearoath, the real estate market has seen dynamic growth over the last few years, driving the rise of demand and supply for mortgage. More importantly, he said, it is common to put up property as collateral to secure loan.
“If we look at the outstanding loan balance, about 50 per cent of the loan disbursement in the market is the credits that use property title as collateral. And most of the collaterals comprise of house and land, between 150 000 to 200 000 transactions per month,” said Oeur Sothearoath.
He added that the signing MoU with VTrust Appraisal will further diversify CBC’s solution portfolio, while strengthening its role as a key financial infrastructure in Cambodia that enables smoothly data-driven decision-making to the financial institution’s members.
“It has brought to my attention that Vtrust is one of the companies that have gained a strong position in the real estate market which the firm has been a key player since 2004. I do appreciate that the company has developed the digital foundation, a smart solution in property valuation that is altering way of improving efficiency in the market,” said Mr Sothearoath.
According to CBC’s latest report, mortgage shares 52 percent of the total consumer outstanding loan balance, standing at $10.39 billion by the end of March 2021.
The real estate sector in Cambodia is following financial sector footstep in term of adapting technology which has brought disruptive innovation, meaning that it is altering the way that real estate business operates.
Kuy Vat, Group Chairman at Zillennium Co.,Ltd who witnessed the signing ceremony, said the collaboration will respond to the demand of consumer preference amid growing technology industry in the digital age.
“We are doing a crucial and worthy work in an effort to boost the economic growth, developing the way of new business operation, especially to drive the real estate market,” he said. “It can be assessed conveniently for CBC’s members before granting loan to their customers; and at the same time it will boost the real estate transaction because the platform allows customer to obtain the updated market price, very reliable and at a fast speed, so does the decision-making.”
Vtrust Appraisal is part of Zillennium Co.,Ltd, a Cambodian-owned company that is beyond real estate marketplace in the country.
