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Cross-border credit reports to become available between Cambodia and Korea

Published: 17 May. 2024, 19:08

KIM JU-YEON
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Executives from Jeonbuk Bank, Credit Bureau Cambodia and Korea Credit Bureau pose for a photo after signing a memorandum of understanding (MOU) to establish cross-border credit report sharing between Korea and Cambodia. The MOU signing took place during the Cambodia-Korea Business Forum in Seoul on Thursday.[JB FINANCIAL GROUP]

Jeonbuk Bank signed a memorandum of understanding (MOU) with Credit Bureau Cambodia (CBC) and Korea Credit Bureau (KCB) on Thursday to establish cross-border credit report sharing between the two countries.

With the system in place, Korean nationals living in Cambodia and Cambodians living in Korea will both be able to retrieve up-to-date and legitimate credit reports directly from the credit bureaus of their respective home countries, which are likely to contain a more complete and comprehensive account of their credit history. This will make credit applications to banks and financial institutions more convenient.

The agreement will affect more than 50,000 Cambodian workers living in Korea, the second most popular destination among Cambodians for labor migration, as well as some 10,608 Korean citizens living in Cambodia.

“The MOU stems from Jeonbuk Bank's unwavering commitment to promoting financial inclusion. As a leading bank to support migrant workers in Korea with financial solutions, we are delighted to collaborate with CBC and KCB to provide Cambodian nationals with an enhanced range of benefits and differentiated financial services,” said Jeonbuk Bank CEO Baek Jong-il.

“We are happy to additionally bring the two countries under this framework of cross-border credit report sharing that can directly benefit a large number of Cambodians overseas to support their access to improving their quality of life,” said H.E. Rath Sovannorak, deputy governor of the National Bank of Cambodia and chairman of CBC.

BY KIM JU-YEON [[email protected]]