KB Kookmin, Cambodia's First Non-Face-to-Face Credit Loan Surpasses 10 Million USD

At the KB Smart Loan new customer commemorative event held at the KB Cambodia Bank headquarters, Jang Yongjae, Head of KB Cambodia Bank Corporation (right), and a customer are taking a commemorative photo.

[Asia Economy Reporter Bu Aeri] KB Cambodia Bank's non-face-to-face credit loan product 'KB Smart Loan' has surpassed 10 million USD (approximately 13.7 billion KRW).

According to KB Kookmin Bank on the 9th, 'KB Smart Loan' is an unsecured credit loan product that allows applicants to apply for up to 30,000 USD without visiting a branch through non-face-to-face identity verification. The process, which previously took 1 to 2 weeks for loan screening at local banks, was established to be completed within 5 to 10 minutes and was launched in November last year.

The bank stated that the product received a good response in the local market, especially among high-quality employees in Cambodia, surpassing 10 million USD in just one year.

KB Kookmin Bank plans to target the digital financial market in Cambodia with non-face-to-face products. Last month, it launched a non-face-to-face deposit account service that allows new account openings through the 'Liiv KB Cambodia' app. A non-face-to-face payroll transfer credit loan product is also scheduled to be released.

Meanwhile, KB Kookmin Bank is promoting the transition to a commercial bank through the merger of Prasac Microfinance, another subsidiary in Cambodia, and KB Cambodia Bank. It plans to utilize this as a strategic core base for the New Southern Policy.