Real Estate Agency, Financial Firm Collaborating to Create Joint Property & Credit Evaluation System

• 28 May 2021
• Local News
• 2052 Views

Vtrust Appraisal and Credit Bureau Cambodia (CBC) have inked a deal integrating databases for the real estate evaluation system and the consumer credit system, to form an inclusive digital network for quicker and more efficient property SP & loan transactions.

According to Z1 News, the MoU was signed yesterday via Zoom by Vtrust Appraisal Chairman Vong Sokhal and CBC CEO Oeur Sothearoath.

Mr Sokhal said that Vtrust Appraisal’s Indication Plus Platform is a digital and nationwide property evaluation service, where users can request for evaluation of any properties at any time anywhere.

“Generally, prior to providing loans to clients, financial institutions first go to property appraisal firms for collateral property evaluation, which can take times. However, this Indication Plus Platform will enable all financial institutions in Cambodia to access the online and real-time real estate appraisal system without having to go to the physical firm,” he added.

According to Mr Oeur Sothearoath, over 50% of the loans issued on the market are secured with collateral, mostly land and house. This type of transaction was recorded at 150,000 to 200,000 transactions per month.

Therefore, this new inclusive system is a smart solution that will change the way financial institution evaluate the collateral property.

• Business and Market