Phnom Penh (May 27) - To celebrate 25 years of growth and success, KREDIT, one of the leading microfinance institutions in the country, hosted 700 members of staff at an event in Phnom Penh on Monday.
As part of the celebration, more than 250 employees were honoured with trophies, certificates and cash bonuses for their long-service to the company.
KREDIT started as a small NGO project under World Relief USA in 1993 and has transformed itself over the intervening 25 years into one of the leading microfinance institutions in Cambodia with a core mission to support the development of the nation through its financial services and a strong social program to support the most disadvantaged.
“When I was promoted to be Operation Director in 2003, KREDIT had about 70 staff and $600,000 of loans outstanding. Now we have become one of the big players in the country with about 1,700 staff, operating nearly everywhere in the country and serving hundreds of thousands of clients,” KREDIT CEO Mr. Mach Chan said in a speech at the event.
KREDIT secured a licence from the National Bank of Cambodia in 2004 to become a formal microfinance institution and in 2010 became one of the first MFIs to be licensed by the National Bank as a Micro-Deposit Taking Institution (MDI).
PhillipCapital, a major regional and global financial services company based in Singapore, became a majority shareholder in KREDIT in 2012 and in 2018 it took over the remaining shares to become the sole shareholder.
PhillipCapital also owns PhillipBank which currently operates six branches in Phnom Penh offering a broad range of innovative retail and corporate banking products as well as Phillip General Insurance and Phillip Life Assurance coverage.
PhillipCapital has grown its interest in Cambodia from an initial US$100,000 investment in First Finance, then known as First Home, in 2009, to over US$110 million invested in Cambodia today in PhillipBank, KREDIT and the insurance businesses.
As part of the PhillipCapital group, which is present in over 15 countries, KREDIT has been able to benefit from the international expertise and global standing of the group while still remaining true to its original mission of supporting Cambodia’s development by making financial services available to traditionally underserved rural populations.
“KREDIT’s reputation has not only been appreciated by our beneficiaries and clients, but also by our local and international partners and all levels of local authorities. They trust us and value us, especially for the additional non-financial services we provide to the community which no other major microfinance player is providing: financial training, agriculture training, parenting training,” said Mr. Mach Chan at the event.
KREDIT has been at the forefront of the rapid development in Cambodia’s microfinance sector and has been quick to adopt new technology and launch new products to ensure its customers benefit from the adoption of modern global banking practices.
Not content with resting on its past success, KREDIT is now looking to the future as it continues to strengthen its partnership with the PhillipCapital group.
“We will move up to another stage, as a commercial bank with bigger assets. We will get the chance to learn new knowledge and skills. We will provide many more financial products and services to the market, ranging from micro-lending to serving corporate clients,” said Mr. Mach Chan in his speech.
As KREDIT embarks on its next 25 years, its customers can look forward to working with an institution that seamlessly combines a strong legacy of social and financial services focused on Cambodia’s rural communities with innovative global banking products and practices from PhillipCapital, one of the region’s major financial services companies.