Cambodia launches code of conduct for banking and financial institutions

PHNOM PENH, March 7 (Xinhua): Cambodia has launched a code of conduct for the banking and financial institutions, aiming at promoting effective, reliable, accountable, and responsible banking and financial practices, said a joint statement on Tuesday.

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

It also aimed at fostering confidence in the banking and financial system and encouraging a corporate culture of fair dealing and competition, it added.

Rath Sovannorak, assistant governor and director-general of the National Bank of Cambodia's Banking Supervision, said the code was a crucial document to deliver the responsible banking products and services, ethics, and efficiency for Cambodians.

ABC's chairman In Channy said the code has created a common, transparent, and ethical standard in the industry and is beyond the existing requirements, laws, and regulations.

CMA's chairman Sok Voeun said in addition to the ethical and professional standard of practices, the code focused on 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