Cambodia: An Intensified Commitment to Client Protection

National Bank of Cambodia (NBC) and the Cambodian Microfinance Association (CMA) recently announced a joint initiative, Strengthening Safe Finance in Communities (or Safe Finance), aimed at increasing financial literacy, consumer empowerment, and client protection. Based on two research studies conducted in 2022 (one by Japan International Cooperation Agency and the CMA, the other by Cerise+SPTF and ADA), the Safe Finance initiative was formally launched by NBC, CMA, and Cerise+SPTF at a ribbon-cutting event in Phnom Penh on 24 February. Rath Sovannorak, assistant governor and director-general of banking supervision at the NBC, delivered the keynote address, stressing the importance of consumer protection in maintaining public confidence in the formal financial sector and the stability of the banking system.