BFIs Code of Conduct Fully Implemented

The code, built on integrity and trust, was established to gain customers’ trust and ensure ethical practices in the banking and financial sector
A workshop on the orientation and reinforcement of BFI code of conduct,  January 18, 2023. Kiripost/supplied
A workshop on the orientation and reinforcement of BFI code of conduct, January 18, 2023. Kiripost/supplied

After its rollout about a year ago, Cambodian banks and financial institutionals (BFIs) and members of the Cambodian Association of Finance and Technology (CAFT) have finally fully implemented the code of conduct and lending guidelines.

According to Association of Banks in Cambodia (ABC) chairman, Raymond Sia, the code was initiated and adopted in line with the National Financial Inclusion Strategy 2019-2025.

It was to ensure sustainable development and resilience, promote and strengthen consumer protection, and enhance ethics and professionalism.

Sia said in the banking and finance sector, the “behaviour 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 noted 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,” Sia shared during a workshop on the orientation and reinforcement of BFI code of conduct on January 18.

Since the initial introduction last year, Cambodia Microfinance Association (CMA) said it conducted workshops for members to disseminate and strengthen the BFI Code of Conduct, where more than 800 branch members attended.

Sok Voeun, CMA chairman, said his association, ABC and CAFT will establish a mechanism to monitor the implementation of the code to ensure that its done in a transparent and accountable manner.