Cambodian financial industry’s code of conduct put into full implementation
PHNOM PENH, Jan. 19– A code of conduct for the banks and financial institutions in Cambodia has officially been put into full implementation after nearly one year of interim implementation, according to a joint press release on Thursday. Kith Sovannarith, Deputy Director General of Banking Supervision of the National Bank of Cambodia, said it was a remarkable…
PHNOM PENH, Jan. 19 (Xinhua) — A code of conduct for the banks and financial institutions (BFIs) in Cambodia has officially been put into full implementation after nearly one year of interim implementation, according to a joint press release on Thursday.
Kith Sovannarith, Deputy Director General of Banking Supervision of the National Bank of Cambodia, said it was a remarkable achievement to maintain the stability of the banking and financial sector and build the public’s trust.
He also appreciated the BFIs for participating to adopt the BFIs’ code of conduct and lending guidelines in order to provide financial products and services responsibly, ethically and consumer protected.
“I request all banks and financial institutions to promote consumer protection and consider this task as the main priority and necessary, and to ensure that all competition and operation must perform professionally and responsibly,” he said at a workshop on the orientation and reinforcement of the BFIs’ code of conduct here.
The effective implementation of the code and guidelines was essential to strengthen market conduct, responsible lending, transparent level of playing field and fair competition, Sovannarith said, adding that it is also crucial to protect consumers’ interest and build trust among the public on the BFIs.
Raymond Sia, chairman of the Association of Banks in Cambodia, said unethical practices such as over-aggressive selling and inappropriate actions must not be condoned.
“As bankers, we need to reinforce these values and strive for excellence in everything we do,” Sia said.
“I am pleased to announce that the BFIs’ code of conduct and the lending guidelines are now put into full implementation for all members,” he added.
The BFIs’ code of conduct was designed to promote effective, reliable, accountable and responsible banking and financial practices, to strengthen consumer protection and to enhance ethics and professionalism.
Sok Voeun, chairman of the Cambodia Microfinance Association, said that after nearly one year of interim implementation, the BFIs have made efforts to comply with the rules of the code of conduct.
“Although it is not easy, for the efforts to contribute to the strengthening of the banking system and customer protection, all institutions strive to improve their systems and policies to ensure that their institutions fully comply with the rules set out in the code,” he said.
According to the National Bank of Cambodia, the Southeast Asian nation has 58 commercial banks, nine specialized banks, 86 microfinance institutions and 28 payment service institutions. Enditem
