The Banks and Financial Institutions’ Code of Conduct, has officially been put into full implementation after nearly one year of interim implementation. The Code of Conduct is important as the banking sector’s fundamentals are built on integrity and trust with the customers and the public.
Speaking to more than 600 attendees at the BFIs’ Code of Conduct Workshop in Phnom Penh on Jan. 18, Kith Sovannarith, First Deputy Director General of Banking Supervision at the National Bank of Cambodia, applauded the three associations (Association of Banks in Cambodia, Cambodia Microfinance Association, and Cambodian Association of Finance and Technology) that initiated and adopted the BFIs’ Code of Conduct and Lending Guidelines, which is remarkable achievement to maintain the stability of the Banking and Financial sector and build the public’s trust.
“To maintain the stability and sustainability in the development of the banking sector, the strengthening market conduct and consumer protection demand full participation from all stakeholders, especially, Banks and Financial Institutions,” he said.
Raymond Sia, Chairman of the Association of Banks in Cambodia, said in banking & finance, the behavior and actions of BFIs’ colleagues are important as the banking sector’s fundamentals are built on integrity and trust with the customers and the public. He went on to add that 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,” he added.
The BFIs’ Code of Conduct was initiated and adopted in line with the National Financial Inclusion Strategy 2019-2025. It is to ensure sustainable development & resilience, promote & strengthen consumer protection, and enhance ethics and professionalism in Banks and Financial Institutions.
Chairman of Cambodia Microfinance Association Sok Voeun, said that the three associations’ members 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. Chea Vannak – AKP
- Tags: Financial Industry-wide