On April 23, 2024, a significant meeting took place, marking a new phase for the banking industry in Cambodia. Mr. Rath Sophoan, Chairman, along with Council Members of the Association of Banks in Cambodia (ABC), had the privilege of meeting with Her Excellency Dr. Chea Serey, the Governor of the National Bank of Cambodia. The purpose of this meeting was multifaceted, primarily, to introduce the members of the new ABC Councils and discuss the pivotal action plans for the 2024/25 mandate that are set to guide the Association’s course in the near future.
During the discussions, Mr. Sophoan outlined the Association’s key focus areas for the upcoming year. The agenda remains consistent with the Association’s foundational pillars, aiming for strengthened governance within the Association, enhancement of market conduct, adherence to prevailing regulations and self-imposed guidelines, promotion of financial inclusion and literacy among the populace, and heightened public relations efforts.
Responding positively, H.E Dr. Chea Serey commended the newly appointed ABC Council for its commitment to reinforcing the solidity, resilience, and sustainability of Cambodia’s financial system. The Governor also presented a series of recommendations intended to further the Association’s impact and reach. Among these were the need for improved public awareness of achievements in the banking sector, a continued emphasis on stringent market conduct and cooperation between banks, and the expansion of efforts to educate the public on financial literacy and cybersecurity.
Moreover, Governor Serey stressed the importance of fostering a comprehensive partnership with all stakeholders and highlighted the necessity of developing a focused action plan for integrating financial technology among the member banks. This plan is envisioned to bolster the Association’s capabilities in servicing its members and, by extension, the Cambodian public.
The meeting between the leadership of the Association of Banks in Cambodia and the Governor of the National Bank symbolizes a cohesive effort towards a more informed, secure, and inclusive banking future for Cambodia. The outlined priorities and recommendations not only seek to address immediate needs but also lay down a strategic framework that promises to elevate the financial landscape in the country, making it more adaptable and resilient in the face of growing technological advancements and global challenges.
