Lending startup Digicro expanding online microloans in Cambodia
BANGKOK, NNA - Lending startup Digicro Pte. Ltd. is expanding its online microloan business in Cambodia, disbursing more than $1.5 million in the country since its launch last March.
The Singapore-based company headed by Yuta Nagano from Japan offers small loans ranging from $50 to $1,000 to people without access to banking facilities through its mobile app in Cambodia.
Digicro says roughly half of the population is excluded from bank loans due to a lack of official records in Cambodia.
The app only needs one second to assess a borrowing application and give credit scores to the customer, according to a company statement released Friday.
The app has been downloaded 350,000 times across all 25 provinces in Cambodia, keeping a repayment rate of more than 90 percent as of January, the statement said.
Digicro has recently raised $1.2 million through third-party allotment and borrowing for development to improve its credit-screening systems, it said.
Digicro is also planning to launch an online service in Myanmar in 2020 to provide credit score assessment software for small-sized financial institutions, the firm said. (NNA/Kyodo)