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Finance

South Korea's KB takes over Cambodia's biggest microlender

Sector hits record profits despite COVID and borrowers' overindebtedness

Prasac Microfinance Institution, Cambodia's largest microcredit lender, is now fully owned by South Korea's KB Financial Group. (Source photos by EPA/Jiji and screenshot from Prasac Microfinance Institution's website) 
SHAUN TURTON, Contributing writer | Cambodia

PHNOM PENH -- South Korean banking giant KB Financial Group is increasing its bet on Cambodia's microcredit industry, a fast-growing $13 billion sector facing increased scrutiny over concerns about overindebtedness and human rights violations.

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