Phillip Bank launches collateral-free credit
Singapore-based Phillip Bank announced on 2 June that Cambodian borrowers that can prove a consistent monthly income will be able to access lines of credit without putting down collateral. The bank, which recently formed a lending partnership with New Union (Cambodia), a branch of a Singaporean credit data analysis company, aims to tap into the growth of borrowing demands. Han Peng Kwang, general manager of Phillip Bank, explained that while many people have the ability to pay back loans, borrowers are restricted from accessing lines of credit due to collateral requirements.
