Cambodia to Unify Non-Banking Financial Services Regulators

Regulators of insurance, private pensions, securities, social security, administration, accounting and auditing, real estate, mortgages and guarantees will be combined into a single authority.

Cambodia is planning to enact a new law that will facilitate the unification of all non-banking financial regulators into the new ‘Non-Banking Financial Service Authority’.

The Khmer Times reported that a non-banking financial services draft law designed to bring regulators of insurance, private pensions, securities, social security, administration, accounting and auditing, real estate, mortgages and guarantees has been sent for legislative approval by prime minister Hun Sen.

The new law is aimed at strengthening the effectiveness of management, control and development of the non-banking financial sector as well as to promote fintech in Cambodia.

The new authority will operate independently and perform its duties by integrating management and control on non-banking financial sectors.

SECC (Securities and Exchange Commission) director-general Sou Socheat said the new law is intended to bring all non-banking financial regulators under one authority to be located inside the new SECC building.

“It’s not a new regulator, nor a bank, but one authority that combines all the regulators together,” Socheat said.

Central bank governor, Chea Chanto confirmed the legal move, which has already received a positive response from the insurance and real estate sectors.