Officially launched Digital Real Estate Appraisal (Indication Plus Platform)
The real estate appraisal platform, INDICATION PLUS, has been launched by VTrust Appraisal and Credit Bureau Cambodia (CBC). This is the first digital real estate appraisal platform of its kind in Cambodia. It will help financial institutions to properly assess real estate and effectively manage credit risk. The agreement between the two companies was signed on Friday, September 30, 2022, and the signing ceremony was held on the occasion of the tenth anniversary of Credit Bureau Cambodia. The digital real estate appraisal partnership agreement was signed by Oeur Sothearoath, CEO of CBC, and Vong Sokhal, Chairman of Board of Directors of VTrust Appraisal during the 10th anniversary of credit reporting of CBC attended by Chea Serey, Director General of Central Banking of NBC and Chairwoman of CBC and approximately 200 guests from government agencies, banks, financial institutions, and property development firms.
INDICATION PLUS is a real estate appraisal platform that provides an indication of value for properties in Cambodia. It is available to all financial institutions and members of Credit Bureau Cambodia. The platform uses data from the Cambodian government, real estate agents, developers, and property owners to generate an indication of the value of each property. This information will help financial institutions make better decisions when it comes to lending and investment. Indication Plus is a big step forward for the real estate market in Cambodia and has a positive impact on the economy as a whole.
The CBC members of approximately 200 institutions will be able to use the new digital real estate appraisal platform, which is more accurate, transparent, and faster. The digital property appraisal platform is a state-of-the-art service that can automatically analyze and publish summaries and complete real estate appraisal reports. This should help CBC member banks make better lending decisions when it comes to approving loans for their customers. The value of the collateral and the actual repayment ability are important factors that lending institutions take into account when approving a loan. With this platform, borrowers will be able to get an accurate estimate of their property’s worth, which will help them to secure the best possible loan.
Mr. Vong Sokhal said that the digital real estate appraisal platform would provide users with accurate and up-to-date information on property prices in Cambodia. It would also help to speed up the process of getting a loan and make it more convenient for borrowers.” The signing of the agreement today is an important step in contributing to building a digital economy society by promoting the use of digital real estate appraisal services,” he added.
Since Platform Indication Plus was officially launched in early 2021, it has provided approximately 1 million real estate appraisal services, or an average of approximately 2,000 properties appraised through Platform Indication Plus every day. And those real estate appraisals are used by strategic partners of VTrust Appraisal, all of which are major banking, microfinance, and real estate companies in Cambodia. These include Acleda Bank, Hattha, Sathapana, Cathay, AMK Microfinance Institution, and other microfinance partners, as well as Century 21 Cambodia… VTrust Appraisal is a state-of-the-art digital platform that offers real estate appraisal services. It has a wide network of strategic partners, which helps it provide accurate and reliable appraisals.
This celebrated its 10th anniversary with a business forum focusing on credit risk in the context of uncertain economic conditions and the rapid growth of digital technology. This year’s event will feature expert speakers from banking, finance, and major real estate companies in Cambodia, who will share their insights on trends in real estate and finance. The introduction of Digital Real Estate Appraisal Indication Plus to financial institutions is also an important topic on the agenda. With this new tool, Credit Bureau Cambodia hopes to provide a more efficient and accurate way for banks and other financial institutions to assess the value of properties. This will in turn help them make better decisions when it comes to lending and other financial products. Digital Real Estate Appraisal Indication Plus is just one of the many innovations to make it a leading player in the Cambodian banking and finance sector.
Oeur Sothearoath, CEO of Credit Bureau Cambodia, said: “VTrust is one of the longest-standing companies and companies that have been in the real estate sector for a long time, since 2004. Achieving today’s agreement will enhance solutions and streamline operations, providing financial information services, data analysis tools, and reports. Credit to all financial institutions in Cambodia.”
The agreement will help to improve the credit information system in Cambodia, which will in turn make it easier for people to access loans and other financial products. This will ultimately contribute to the growth of the economy and the development of the country.
This is a great development for Cambodia’s real estate market and will help to boost confidence in the sector. We look forward to seeing more innovation in this space in the future.
Reference: Z1 New, Khmer Time