Forum reflects on sustainability in banking

Financial experts discussed the importance of sustainable finance, financial technology (FinTech) and financial inclusion in the economy at a conference recently organized by the Banking Association of Cambodia (ABC).

Organized under the theme “We work together for the sustainability of the banking sector”, the conference at the Hyatt Regency in Phnom Penh addressed various aspects of sustainability in the banking sector.

In his opening remarks, ABC President Raymond Sia emphasized that sustainability is important because it deals with the future. “Growth and sustainability can co-exist, but we all need to be mindful and disciplined and make collective, conscious efforts to ensure that growth continues, but not at the expense of sustainability,” he said.

“This conference today is a very important event where we are promoting the key agenda which is essential for the ABC in line with the CMA to develop our banking sector in Cambodia. It promotes financial literacy, financial inclusion and the growth of FinTech. There will be FinTech sessions in the coming days with panelists from Asean countries,” Sia said.

Speaking about digital adoption in the country, he said, “I think the digital adoption in Cambodia is very high compared to other ASEAN markets. The reason is that the Cambodian market has very young users who have mastered the latest digital technologies. Cambodia is open to adopting new technologies and skills,” he stressed.

Kith Sovannarith, First Deputy Managing Director, Banking Supervision, National Bank of Cambodia, said the country’s banking sector has managed to grow robustly during difficult times, as evidenced by asset growth of 17%, growth growth of 23% and deposit growth of 16%. percent.

He also stressed the importance of close cooperation between regulators, operators, relevant associations, development agencies and multinational institutions such as the IMF, the World Bank and the UN.

The conference also held discussions on the progress of Cambodian sustainable finance as well as a panel discussion on sustainable finance: sustainable banking – what it means for Asean, integration of finance products, processes and policies to mobilize capital for the SDGs, market perception and availability of resources to facilitate the mainstreaming of sustainable finance in Cambodia.

Sustainability and growth were the main themes of the conference, which brought together banking industry leaders, experts and authorities and discussed current industry trends.

  • Key words: Association of Banks in Cambodia, fintech

Melvin B. Baillie