The Ministry of Information has joined with Cambodia’s banking and microfinance associations to raise awareness for its members to increase cooperation with the media and build trusted sources for reliable information.
To celebrate this ongoing partnership the inaugural News Writing Competition on ‘The Contribution of Banking and Financial Sector to the Cambodian Livelihoods’ was awarded to five local journalists as well as a panel discussion between stakeholders.
The most important basis of the Banking and Financial sector is trust
Minister of Information H.E. Khieu Kanharith emphasized that the banking and financial sector is the heart of the country’s economy, so as the banking and finance sector grows, so does the economic sector.
“I would like to call on the Association of Banks in Cambodia and the Cambodia Microfinance Association to continue to promote banking literacy to local and international journalists in Cambodia,” H.E. Khieu Kanharith said.
He added that for journalists, the most important basis of the Banking and Financial sector is “trust”. “They shall seek trusted sources in the banking and financial sector to ensure that people have peace of mind and trust when they consume the news,” he said.
Mr. Sok Voeun, Chairman of the Cambodia Microfinance Association, congratulated the five winners and emphasized that the Association has always been actively involved in promoting the role of journalists in their profession.
To read CIR Leader Talks with Sok Voeun click here.
He noted that it was important for journalists to have a clear and in-depth understanding of the banking and financial sector and the efforts of all parties to develop the sector in an inclusive, consumer-protective, and responsible manner.
“The sector has actively contributed to national economic growth and we have encouraged all member institutions to work more closely with the media to share information with fellow journalists,” he added.
Strong economic knowledge is key to building trust
Speaking to Cambodia Investment Review after the panel discussion President of the Cambodia Club of Journalists Mr. Pen Bonna explained the world is now entering an economic era, so journalists need strong economic knowledge.
“In this context, cooperation between the media and banking and financial institutions is really important that cannot be ignored,” he said.
“In Cambodia, most journalists write general news. There are very few journalists who specialize in writing financial articles. So in order to develop good financial writing skills, we need to teach them the basics of finance,” he added.
One of the award winners Ms. Sreynich San told Cambodia Investment Review the media plays an important role in working closely with the finance sector.
“The media know very well how to deliver information that is understandable to the public, while the finance sector itself is quite complicated and ordinary people can find it hard to understand,” she said.
“To make it clear to the audience, the media should combine with professionals and their own knowledge of finance to deliver the message,” she added.
The Contribution of Banking and Financial Sector to the Cambodian Livelihoods’ five winning journalists were:
- Ou Sokmean (Thmey Thmey)
- Isa Rohyny, (Thmey Thmey)
- Sum Manet, (Apsara Media Service)
- San Sreynich, (Apsara Media Service)
- Mao Samnang, (Apsara Media Service)
According to the associations, the news writing competition program was initiated to raise awareness of the financial sector and increase cooperation to build a network and establish a trusted source and reliable information between the financial sector and the media.
In addition, to share personal experiences of experts to strengthen effective communication between the Media and the financial sector as well as building an additional network between bankers and journalists. All winners received awards and cash prizes.
The Association of Banks in Cambodia has 76 members with outstanding loans worth over $45 billion and the Cambodia Microfinance Association has over 120 members including 5 banks with a combined loan portfolio of approximately $12 billion and 2.5 million clients.