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Workshops Held to Promote Consumer Protection in Banking and Finance

The Banking Association of Cambodia (ABC) and the Cambodian Microfinance Association, with the support of the National Bank of Cambodia and a number of provincial administrations, have initiated workshops to promote client protection in banking and finance in a sustainable, responsible and environmentally friendly manner. Four regional workshops, which are planned to be organised in separate capital and provinces, will disseminate knowledge to banking and financial institutions senior officers on key responsibilities in conducting ethical and professional banking operations to strengthen the resilience of the banking and financial sector and customer protection. The first workshop was held on July 4, 2024 in Siem Reap. Other three workshops will be held in Battambang province, Phnom Penh capital, and Rattanakiri province. Mr. Em Kamnan, Deputy Director General of Banking Supervision of the National Bank of Cambodia, said that workshop is an effective mechanism to raise awareness regarding the evolution of the banking system, laws and regulations, loan disbursement procedures and regulations, good governance principles and methods of managing operations at branches. The workshop also provides an opportunity for the associations and banking and financial institutions to understand the challenges and realities of business operations in the provincial and municipal branches/districts to ensure the efficiency of responsible financial services. "As branch or managers of provincial banking and financial institutions, adhering to the principles of governance, focusing on sustainability, efficiency, responsibility and inclusion is very important because of these principles not only guarantee the success and reputation of banking and financial institutions, but also contributes to the development of the community and the banking sector," he said. Mr. Toch Chao Chek, Member of the ABC's Board of Directors, said that the two associations and other key stakeholders under the support of the National Bank of Cambodia have implemented a number of important initiatives to respond facing challenges and continue to support responsible business practices and enhance customer protection. The National Bank of Cambodia has cooperated with ministries and development partners in promoting financial literacy as well as digital financial literacy and has also paid close attention to consumer protection by implementing laws and regulations and creating working groups to receive and handle complaints. The country currently has 59 commercial banks, nine specialised banks and 86 microfinance institutions with 2,614 headquarters and branches as well as 3,998 automated teller machines (ATMs). Source: Agence Kampuchea Presse