The Association of Banks in Cambodia (ABC) marked today the 30-year anniversary of its establishment, highlighting its role in contributing to a stabilised banking system and the substantial growth of the banking sector.
ABC organised a celebration of the 30th anniversary of its establishment under the theme “30 years of growth and friendship,’ on April 10, under the presidency of H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, and representatives from banks.
The event is aimed to celebrate the association’s achievements in building cooperation with members and stakeholders, as well as to continue to strengthen the spirit of solidarity of the Kingdom of Cambodia’s banking sector in order to contribute to the Royal Government’s continuous development of the banking sector in a sustainable manner, with responsibility and inclusiveness.
‘Despite experiencing and facing many challenges over the past three decades, our journey is filled with confidence and resilience in contributing to a stabil
ised banking system as well as the substantial growth of the banking sector,’ said ABC Chairman Mr. Rath Sophoan.
Cambodia’s banking sector has undergone substantial transformation and development over the past three decades, leading to another era of solid, resilient, and sustainable growth, he said.
By 2023, total banking system assets were worth US$84.3 billion, while credit to customers was up to US$57.6 billion, with a total of 3.8 million accounts, and deposits were US$47.9 billion with 18.6 million accounts, according to the official report.
These are witnesses that the banking sector has been contributing to achieving the Royal Government’s vision of transforming Cambodia into a developed country by 2050, Mr. Rath Sophoan said.
H.E Dr. Chea Serey extended her congratulations and appreciation to the board of directors, the management and all ABC staff in fulfilling their duties to achieve remarkable results and making a significant contribution to the development of Cambodia’s banking sector over t
he past 30 years.
‘Over these 30 years, Cambodia’s banking system has rapidly developed, continued to maintain resilience and contributed to robust economic activities. At the same time, the growth in assets, credits and deposits in the banking sector has clearly demonstrated the confidence from the public and investors toward Cambodia’s banking system and the economic recovery,’ the NBC Governor said.
The ABC chairman also highlighted the association’s contribution to the banking sector to the advancement of professional ethics in the banking and financial sector such as the establishment of the Banks and Financial Institutions’ Code of Conduct, the update of the lending guidelines, and the launched Standard Loan Contracts and consumer complaint resolution systems will be implemented.
ABC was founded in 1994 and recognised by the Royal Government of Cambodia as a formal entity representing the banking sector in Cambodia.
The establishment of this association is aimed at enhancing the development of the f
inancial system in Cambodia, protecting the legitimate interests of its members through close cooperation with local and international authorities, associations, organisations and relevant stakeholders, and serving as the facilitator between its member institutions and the NBC.
The country currently has 59 commercial banks, nine specialised banks, and 86 microfinance institutions, with a total of 2,614 headquarters and branches as well as 3,998 automated teller machines (ATMs) throughout the country.
Source: Agence Kampuchea Presse