Financial institutions

Cambodia launches code of conduct for banks and financial institutions

Cambodia has launched a code of conduct for banking and financial institutions, aimed at promoting efficient, reliable, accountable and accountable banking and financial practices, a joint statement said on Monday.

Initiated by the Banking Association of Cambodia (ABC), the Cambodian Microfinance Association (CMA) and the Cambodian Finance and Technology Association, the code was designed to build a fair and professional relationship between consumers and banking and financial institutions based on the principles of fairness and equality, the statement said.

It also aimed to build confidence in the banking and financial system and encourage a corporate culture of fair trade and competition, he added.

Rath Sovannorak, deputy governor and director general of banking supervision at the National Bank of Cambodia, said the code was a crucial document in providing responsible, ethical and efficient banking products and services to Cambodians.

ABC Chairman In Channy said the code has created a common, transparent and ethical standard in the industry and goes beyond existing requirements, laws and regulations.

CMA Chairman Sok Voeun said that in addition to ethical and professional practice standards, the code emphasizes responsible lending through the Lending Guidelines and Client Protection Pathway.

According to the National Bank of Cambodia, the Southeast Asian nation has 56 commercial banks, 10 specialized banks, 79 microfinance institutions and 28 payment service institutions. Xinhua