The Financial Sector in Cambodia has launched its sector-wide self-regulation initiative dubbed, “Banking and Financial Institutions’ Code of Conduct (BFIs’ Code)” on 04 March 2022 with participation from the National Bank of Cambodia, hundreds of industry experts, media, and stakeholders. The BFIs’ Code is among the most innovative self-regulation initiatives in the world, which set up the regulatory standard and minimum principles for Banking and Financial Institutions to provide financial services with transparency, responsibility, professional ethics, fair and free competition—aiming for the banking system to grow strongly and inclusively, and for economics to grow sustainably.
The BFIs’ Code was initiated by the Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA), and the Cambodian Association of Finance &Technology (CAFT).
The BFIs’ Cod aims to (1) promote effective, reliable, accountable, and responsible banking and financial practices by setting business operation standards for the Banking and Financial Institutions to follow and execute. (2) increase transparency so that consumers can have a better understanding of what they can reasonably expect from the services provided. (3) build a fair and professional relationship between consumers and Banking and Financial Institutions based on the principles of equity and equality. (4) foster confidence in the banking and financial system; and (5) encourage a corporate culture of fair dealing and competition.