Cambodia Investment Review
The Institute of Banking and Finance (IBF) marked its ninth anniversary by unveiling a flagship Directorship Program in partnership with the Singapore Institute of Directors (SID), underscoring Cambodia’s push to elevate corporate governance across its financial sector.
The launch, held in Phnom Penh, coincided with the signing of a memorandum of understanding (MoU) between the two institutions. The agreement signals deeper collaboration aimed at cultivating a new generation of directors equipped to meet the growing demands of the Kingdom’s banking and finance industry.
A milestone for Cambodia’s financial sector
The ceremony drew more than 150 industry leaders, government officials, and representatives from both IBF and SID. Among them were His Excellency Prof. Dr. Sok Siphana, Senior Minister in charge of Special Missions, Mr. Rath Sophoan, Chairman of the Association of Banks in Cambodia (ABC), and Her Excellency Dith Nita, Chairwoman of the Cambodia Microfinance Association.
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IBF CEO Sou Visal highlighted that the program builds on the institute’s track record of developing financial talent through targeted training initiatives.
“For years, IBF has been at the forefront of empowering individuals within our financial sector,” he said. “The launch of this Directorship Program is a natural progression of our efforts, recognising the pivotal role of effective governance in driving the industry forward.”
SID CEO Terrence Quek noted that the collaboration reflects Singapore’s experience in shaping boardroom practices. “Through this partnership with IBF, we hope to empower Cambodian directors to uphold high standards of governance and professionalism—the same way SID has been uplifting the directorship profession in Singapore for over 26 years,” he said.
Addressing Cambodia’s next phase of growth
Speakers emphasized that the launch comes at a critical moment as Cambodia’s banking sector expands rapidly while navigating more complex risks and regulatory requirements.
“Thirty years ago, corporate governance was unthinkable,” said Prof. Dr. Sok Siphana. “Today, with initiatives such as this Directorship Program, we are entering a new phase of professionalism and responsibility, signalling Cambodia’s readiness to be part of the global agenda.”
ABC Chairman Rath Sophoan echoed that sentiment, pointing to the need for well-trained directors as financial institutions grow in size and complexity. “The launch of the Directorship Program comes at a crucial time. As the sector matures and faces increasingly complex challenges, the need for skilled and ethical directors has become paramount,” he said.
Training aligned with international best practice
The program is structured to equip directors—both current and aspiring—with skills in areas such as board responsibilities, risk management, corporate strategy, and ethical leadership. Participants will gain exposure to both Cambodian regulatory frameworks and international best practices, with opportunities for cross-border networking through SID’s established channels.
Quek also noted that insights from Cambodian directors could add value for SID members in Singapore, many of whom are experienced board directors seeking business opportunities in Cambodia.
The initiative signals a growing alignment between Cambodia’s financial industry and global standards, reinforcing the role of corporate governance as a foundation for sustainable growth.
