Realty firm inks micro-lending deal
Realty firm inks micro-lending deal
Chief (Cambodia) Commercial Bank Plc (Chief Bank) has teamed up with local real estate company Zillennium Co Ltd as part of the bank’s plans to expand the user base of its ‘Chief Easy’ micro-lending app.
A memorandum of understanding (MoU) was signed to this end on March 26, between Chief Bank CEO Soeung Morarith and Zillennium group chairman Kuy Vat.
Under the partnership, Zillennium employees can apply for micro loans of $100-1,000 via Chief Easy with, special offers available. The MoU will also pave the way for additional partnerships between the two firms.
Morarith said that Chief Easy will help solve the financial problems of Zillennium employees in need of cash, with some of the fastest loan approval times in the industry – “no more than 24 hours on work days”, as affirmed by Chief Bank deputy general manager Tann Sim.
“Zillennium is the first large company in Cambodia that Chief Bank has signed an MoU with for cooperation on Chief Easy,” Morarith added.
Zillennium’s Vat said the MoU positions Chief Bank as a “key strategic partner” of his company, and will be “another new impetus” for the growing real estate market in Cambodia.
He contended that a well-functioning real estate market generally smooths bank-to-bank transactions. “This collaboration will not end here, this’ll lead to a long-term strategic partnership,” he enthused.
Chief Bank’s Sim told The Post that this was another step in efforts to expand the customer base of the Chief Easy app, which he said aims to ride the rapid digital adoption wave in Cambodia.
