Canadia Bank, a leading and long-established commercial bank in Cambodia and a recipient of Best SME Bank in Cambodia in 2023 by the International Finance Awards and The Digital Banker, was in attendance at the signing of a Memorandum of Understanding (MoU) between the Credit Guarantee Corporation of Cambodia (CGCC) and the Cambodia Rice Federation (CRF). The event took place on Friday, May 10th, 2024, at the Business Development Center on OCIC Boulevard. Canadia Bank is one of the Participating Financial Institutions (PFIs) for the Rice Export Guarantee Scheme (REGS), a Government-led program that aims to make financing more accessible to rice millers and exporters.
The initiative aims to increase productivity and foster healthy competition among eligible rice exporters and rice millers clients in the rice industry, as well as to boost rice exports in accordance with the Royal Government of Cambodia’s policy on agriculture expansion. This financing scheme is supported by the CGCC through providing uniquely advantageous features such as lowered guarantee fees, increased guarantee coverage, and competitive loan interest rates.
Canadia Bank has long been a huge supporter of the Government-led initiatives that greatly benefit SMEs, alongside rice exporters and rice millers. Canadia Bank was among the first PFIs to participate in the Business Recovery Guarantee Scheme (BGRS) under the supervision of the CGCC, having been recognized twice as the Top Performing Financial Institution in Cambodia both in 2022 and 2023. In 2023, Canadia Bank was recognized by the CGCC as the number one performing financial institution, for its ‘Outstanding Performance in Number of Guaranteed Accounts’ and maintaining the best ‘Asset Quality in Guaranteed Loans.’
“This is a great initiative and one of the innovative ways where Canadia Bank makes financing accessible to rice exporters and rice millers,” said Mr. Song Khenglay, the Chief Operating Officer of Canadia Bank. “The financing flexibility from the Rice Export Guarantee Scheme will do a lot of good for rice millers and exporters. The rice industry is an essential part of the Cambodian economy, and this is one of the ways in which these exporters and millers can expand their business and have access to more working capital.”
Canadia Bank has multiple financing programs and digital products and solutions to help SMEs manage their business operations smoothly. The financing programs include SME loans for Female Entrepreneurs (SME Smart Lady +), SME Green Financing Program, SME Guaranteed Loan with CGCC, SME Medical Business and Financing Program, as well as a general SME Loan program. These programs aim to help SMEs in their business expansion and operational expenses with options of flexible payment methods, collateral requirements, competitive interest rates. Additionally, the Bank is continuously improving its digital products and solutions for SMEs, such as implementing open APIs, launching the new merchant app, and introducing more payment gateway solutions. Through the Canadia Bank merchant app, SMEs can receive cashless payments in both USD and KHR, as well as the options to set up multiple business outlets, assign cashiers, view transactions in real time and download reports.
