Chief Bank recently launched its “Chief Easy” micro-loan app, helping its customers easily get a loan.
The bank has also signed a memorandum of understanding with the real estate company Zillennium Group to introduce its employees to the bank’s innovative services.
The event took place at Chief Bank’s Norodom branch, with representatives from Zillennium and the bank joining the media for a presentation on how the new banking app works ahead of the signing ceremony between the Chief Bank CEO Soeung Morarith and Zillennium Group Chairman Kuy Vat.
The bank’s chief deputy managing director, Tann Sim, told the Khmer Times who would be eligible for a loan under the new micro-loan service, how the system works and how it will benefit many clients. “The first thing you need to do is download the Chief Easy app and then register the information. Any resident customer with a valid national ID and who can show proof of employment of at least three months can apply for a loan of up to $1,000 and repaid over one year.This can be beneficial for many people who have times when they need extra money, such as buying a motorcycle, a new phone or computer,” he said.
Sim also noted that Chief Easy is designed to work exceptionally quickly with loan approvals for these unsecured loans which should take no longer than 24 hours after an application is submitted. He encouraged customers to take advantage of a special promotion while it lasts.
“We have a promotional campaign for Chief Easy loans, which will offer 100% cash back on interest payments for loans approved before April 30 this year,” Sim said.
During the video presentation, a product was also unveiled, according to Sim, which would serve as a tool in the work of teaching financial literacy in the country. ‘Chief Child’ is a savings account designed for under 18s who can learn the basics of banking and what it means to save and manage an account, by tracking account activity in a booklet that the bank provides the owner. The account can be opened as a joint account with the parents or guardian’s account, in Khmer riel or US dollars, and with a sum as small as $25 or 100,000, which will be subject to a generous interest rate of 3.70%. Here too there is a promotion for those who manage to open an account before June 30 this year, with a princely figure of 3.95% per annum applied.
CEO Soeung Morarith said after the signing ceremony that he was giving his daughter an account for her birthday.
Zillennium, which operates as an online real estate marketplace providing integrated services with a network of companies and partners, will benefit from Chief Bank’s salary payment mechanism and promote the Chief Easy micro-loan to its employees. Sim said he also sees a number of other collaborations in the pipeline between the two, including larger corporate deals, with Zillennium Group and their local partners.
- Keywords: Head of Banking, Head of Easy