Cambodia’s free, open economy since the 1990s has a resilient banking sector developing within regional and global markets. Better regulation, coordination between regulators and a commitment to safeguarding financial stability allow harmonious and sustainable growth. These are all core objectives of the ASEAN community financial framework. This document is a holistic reference to the banking sector produced by the Association of Banks in Cambodia in 2020.
“… Credit has steadily increased and has benefited various sectors of the economy. Along with robust economic growth, Cambodia’s banking sector continues to gradually develop. With this healthy financial intermediation, the National Bank of Cambodia (NBC) in collaboration with the Association of Banks in Cambodia (ABC) has been promoting financial inclusion while also ensuring financial stability.
Higher and better regulation, increased coordination between regulators of partner countries, and a large common commitment in safeguarding financial stability are all necessary to allow harmonious and sustainable growth. These are all objectives that are core elements of the ASEAN Economic Community, particularly the financial integration framework…”
The Association of Banks in Cambodia was formed in 1994 and is recognized by the Royal Government as the official organization to represent the country’s private banking sector.
Its purpose is to promote constructive dialogue amongst member banks, and to serve as an industry voice to the public and the Government.
ABC membership consists of local and foreign owned banks and branches. Membership in the Association is required under Chapter XXII of the Law on Banking and Financial Institutions, which states that all banks operating in Cambodia must belong “to a single professional association, whose Articles of Association shall have been endorsed by the supervisory authority.”
The Association conducts members meeting every two months and more often if required by urgent matters. The Association also has regular working committees that focus on specific issues. Since 1998, the Association has been an active member of the ASEAN Bankers Association and participates in all of its meetings and functions.
(Association of Banks in Cambodia) ABC DIRECTORY 2020