Workshops held to promote consumer protection in banking and finance
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 several provincial administrations, have initiated workshops to promote client protection in banking and finance in a sustainable, responsible, and environmentally friendly manner.
Four regional workshops, planned to be organised in separate capitals and provinces, will disseminate knowledge to senior officers of banking and financial institutions 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. The other three workshops will be held in Battambang province, the capital of Phnom Penh, and Rattanakiri province.
Em Kamnan, Deputy Director General of Banking Supervision of the National Bank of Cambodia, said that workshops are 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 associations and banking and financial institutions to understand the challenges and realities of business operations in provincial and municipal branches/districts and 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 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.
Toch Chao Chek, a Member of the ABC’s Board of Directors, said that the two associations and other key stakeholders, with the support of the National Bank of Cambodia, have implemented a number of important initiatives to respond to challenges, 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 and digital financial literacy. It 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 specialized banks, and 86 microfinance institutions with 2,614 headquarters and branches and 3,998 automated teller machines (ATMs).
