The National Bank of Cambodia and the Japan Financial Service Agency agreed yesterday to extend their cooperation on sharing experience and expertise in the areas of banking and financial sector supervision in the Kingdom.

Neav Chanthana, deputy governor of National Bank of Cambodia (NBC), said that their Japanese counterparts had helped train NBC staff for years; however, today’s agreement would take that cooperation to the next step.

“Our exchange of the letter today is also a testimony of both our commitment to expand and deepen our traditional bilateral cooperation in financial sector,”

she said.

“I hope that the NBC will enhance our financial regulatory mechanism, promote finance for small and medium sized enterprises and further development the microfinance sector in Cambodia,” she added.

Chanthana said that increased cooperation will provide the NBC valuable opportunities to learn from the experience and expertise of the Japan Financial Service Agency (JFSA) increase development of the Cambodia’s banking system.

She also hoped that the two agencies can promote and increase financing for small and medium enterprises as well as develop the microfinance sector.

Michio Saito, deputy director general of the Planning and Coordination Bureau at JFSA, said that a long-term relationship with NBC will help enhance regulatory mechanisms in the Kingdom.

“I hope that after today’s exchange the relationship of NBC and Japan Financial Service Agency will be further strengthened. I am sure that we can benefit from this relationship,” he said.

JFSA was established in 2000 as an independent and unified supervisor responsible for supervising Japan’s banking, insurance and security business.

It also plays an important role in ensuring the stability of the Japanese financial system; protect depositors, insurance policyholders and securities investors; as well as facilitate financing.