Cambodia has unveiled a code of conduct for banks and financial institutions with the aim of promoting more effective and responsible banking and financial practices.
According to The Star, the new code was initiated by the Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association and the Cambodian Association of Finance & Technology and was designed to build a fair and professional relationship between consumers and the banking and financial institutions based on the principles of equity and equality.
A statement put out by the partners said the code aimed to foster confidence in the banking and financial system and encouraging a corporate culture of fair dealing and competition.
Rath Sovannorak – assistant governor and director-general of the National Bank of Cambodia’s Banking Supervision – remarked that the code was a ‘crucial document to deliver the responsible banking products and services, ethics and efficiency for Cambodians’.
The chairman of ABC In Channy added that the code has created a common, transparent and ethical standard in the industry and is beyond the existing requirements, regulations and laws.
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