Prime Minister Hun Sen has urged all banks in Cambodia to provide comprehensive and inclusive services to support the country’s economic growth and poverty reduction efforts. He made the remarks during the opening ceremony of the 23rd ASEAN Banking Conference and the 50th ASEAN Banking Council Meeting in Phnom Penh on Tuesday.
PM highlights achievements and challenges of banking sector
The PM praised the achievements of the banking sector in Cambodia, which has contributed to the stability and development of the economy. He said that the sector has grown rapidly in terms of assets, loans, deposits, and branches, as well as improved its governance, risk management, and compliance standards. He also noted that the sector has played a vital role in providing financial relief and stimulus measures to cope with the impact of the COVID-19 pandemic.
However, he also acknowledged the challenges and gaps that the sector faces, such as the low level of financial inclusion, the high cost of credit, the limited access to finance for micro, small and medium enterprises (MSMEs), and the need to adopt digital technologies and innovations. He urged the banks to address these issues and enhance their services to meet the diverse and evolving needs of the customers and the economy.
PM outlines priorities and recommendations for banking sector
The PM outlined some of the priorities and recommendations for the banking sector to support the country’s economic growth and poverty reduction goals. These include:
- Expanding the coverage and outreach of banking services to rural and remote areas, especially for the poor and vulnerable groups.
- Reducing the interest rates and fees for loans and deposits, and offering more flexible and affordable products and services for the customers.
- Increasing the financing and support for MSMEs, especially in the agriculture, tourism, and manufacturing sectors, which are the main drivers of growth and employment.
- Promoting the use of digital platforms and channels, such as mobile banking, e-wallets, and QR codes, to enhance the convenience, efficiency, and security of transactions.
- Strengthening the cooperation and coordination among the banks, the regulators, and the government, as well as with the regional and international partners, to foster a conducive and harmonious environment for the banking sector.
PM expresses confidence and optimism for banking sector
The PM expressed his confidence and optimism for the future of the banking sector in Cambodia, as well as for the ASEAN region. He said that the sector has the potential and opportunity to grow and prosper, as well as to contribute to the regional integration and cooperation. He also said that the sector has the responsibility and duty to serve the people and the society, and to uphold the values and principles of ASEAN.
He concluded his speech by wishing the participants of the conference and the meeting a fruitful and productive discussion, and a pleasant and memorable stay in Cambodia.
