The Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association (CMA) on February 7 provided an update on the strength of the Kingdom's banking and finance sector, as well as measures against informal lending.

The press conference in Phnom Penh was presided over by Sok Voeun, the CEO of LOLC (Cambodia) Plc and the CMA's chairman of the board of directors, and Rath Sophoan, the vice-chairman of the ABC.

The event was held to inform the public as to the current situation regarding banking and finance in Cambodia, and the health of the sector.

It outlined the efforts undertaken in the past by both associations to promote financial literacy and financial inclusion, as well as the action plans for 2023 and subsequent years.

The important media session also disseminated a joint statement from the National Bank of Cambodia (NBC) and the General-Commissariat of National Police on February 2, 2023 regarding unauthorised financial services.

The statement announced that strict legal action will be taken against informal lending and all forms of advertising related to the provision of unauthorised financial services, and advised the public to avoid borrowing from lenders not licensed by the NBC.

Anyone with information on activities related to the provision of informal financial services should report it to the NBC via the contact details included in the joint statement.