CMA Dismisses The Guardian’s False Report on Cambodia’s Banking and Financial Sector

Phnom Penh, November 01, 2023 --

The Cambodia Microfinance Association (CMA) has dismissed a false report by The Guardian, a British daily newspaper, on Cambodia’s banking and financial sector.

The rejection was made after The Guardian published an article titled "I am afraid I will kill myself, like my husband": spotlight on loan firms in Cambodia after Indigenous suicides, on Oct. 23, 2023.

In a statement dated Nov. 1, CMA said it had meeting with the Journalist and provided all relevant facts and information gathering from Banks and Financial Institutions (BFIs), who conducted investigation by their internal team, which concludes that there is no evidence of any oppressive or unethical conduct on the part of BFIs and/or its staff, and any link between the suicides and the debt from BFIs.

Before the article was released, the Journalist communicated with relevant stakeholders, especially all BFIs that were mentioned in the article, it added.

“CMA continues to monitor its members to ensure the best practices of implementation. CMA does not tolerate unethical lending practices and monitor adherence to our Code of Conduct and Customer Protection Principles,” stressed the statement.

CMA also reaffirmed its commitment to client protection in Cambodia.