Phnom Penh: The Ministry of Land Management, Urban Planning and Construction (MLMUPC) and Credit Bureau (Cambodia) Co., Ltd. (CBC), a leading financial data infrastructure in Cambodia, have launched Property Verification Service for 198 members of CBC comprising banks, microfinance institutions, leasing companies and rural credit institutions. The launching ceremony was organized at the Center for Banking Studies in Phnom Penh in the presence of H.E. Say Sam Al, Deputy Prime Minister and Minister of Land Management, Urban Planning and Construction and H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC) along with more than 300 senior representatives from ministries, banks and financial institutions, and industry associations.

This service has been launched under the data exchange cooperation between MLMUPC and CBC in collaboration with Fungi Co., Ltd. (Fungi), which has been supporting the Ministry in digitalization of public services.

H.E. Say Sam Al, Deputy Prime Minister and Minister of Land Management, Urban Planning and Construction stated “We have digitalized our way of living and in providing services for our people. With the digitalization of our works, we would be able to boost our productivity, streamline our operation, reduce operational cost, improved efficiency, and enhance security. This will certainly give our society more secure political environment, and economic security.”

H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia stated “This initiative marks a significant milestone in our efforts to promote transparency, financial inclusion, and a stable, sustainable financial system. By integrating property verification with credit reporting, we unlock numerous benefits, including enhanced fraud prevention, faster and more convenient financial assessments, improved credit conditions, and reduced risks of over-indebtedness.”

Interested banks and financial institutions can avail this service from CBC Property Verification platform which is a digital web portal managed by CBC. Verified users from CBC’s members can log into the platform and enter property details after taking consent from the property owner. Upon submission and successful processing, Property Verification Report is generated using data and information from MLMPUC.

Mr. Oeur Sothearoath, CEO of Credit Bureau Cambodia expressed, “We are pleased to offer our digital property verification platform to our member financial institutions to enhance their credit risk management, improve operational efficiency and streamline property verification process with the support of the MLMUPC and the NBC.”

The Property Verification Report provides information on owner’s details, address with geocoordinates and any active or closed pledges by third parties on the property. The information in the report has been customized to suit the needs of banks and financial institutions in Cambodia.

It is common for individuals to take a loan using their property as collateral. Mortgage and home loans are also becoming increasingly popular. Hence, this service shall enable banks and financial institutions to do property verification in a quick, convenient and reliable manner to efficiently assess the risks associated with the property and process loan applications, thereby, making it easier for borrowers during the loan application process.

Mr. Xavier Beaur, CEO of Fungi expressed, “We are delighted to support the ministry in transforming its services through the latest digital technologies to better serve Cambodian people. We hope this collaboration will positively impact both the economy and society.”