The Association of Banks in Cambodia, the Cambodian Microfinance Association and the Federation of Finance and Technology of Cambodia launched today a code of conduct aiming to increase transparency in the banking and finance sector to promote sustainable and inclusive economic growth.
The launching ceremony was held in the presence of H.E. Rath Sovannorak, Director General of Banking Supervision and representatives of banks and microfinance institutions.
Speaking at the event, Dr. In Channy, President of the Association of Banks in Cambodia, said that the BFIs CoC helps prevent excessive debt and protects vulnerable customers.
The code will contribute to the government, especially the National Bank of Cambodia, in achieving a secure, efficient and diversified financial system in the financial markets, as well as responding to the needs of financial services in Cambodia and supports the sustainability of economic growth, increasing people’s incomes and reducing poverty.
The BFIs CoC was established to set the lowest standards for the three member associations to comply with their institutional regulations. All institutions have until the end of 2022 to improve their systems and policies to ensure that they comply with the standards set out in the code.
Source: Agency Kampuchea Press