Cambodia Investment Review
By 7:00am on the morning of Monday 16 March, long queues had already formed outside the Head Office branch of APD Bank in the Phnom Penh City Centre, with hundreds of depositors seeking an answer to one question: what has happened to their bank balances?
As the VIP lounges of the APD Branches swelled with impatient customers, a clear picture emerged. APD Bank had faced an unprecendented attempt to withdraw deposits, sparked by malicious online rumors, leaving APD Bank with no choice but to issue restrictions on deposits to over 7,000 customers.
Cambodian Investment Review has obtained information from affected depositors who met with APD relationship managers and executives to obtain information about their accounts, with APDB assuring customers its balance sheet remains solid after unfounded rumors sparked attempts to withdraw up to $700 million in deposits within a single week, following a wave of malicious phone calls and online rumors that triggered panic among a group of high-value depositors.
Senior bank officials told depositors that the situation was highly unusual and created significant operational pressure, noting that no financial institution could sustainably handle withdrawals at that scale over an extended period.
Despite the rapid outflows, APD Bank told depositors that its balance sheet remains strong and that the bank continues to operate fully in compliance with the guidance of the National Bank of Cambodia, and is working closely with regulators and customers to stabilize the situation.
Malicious calls triggered rapid withdrawals
Bank representatives said the sudden outflows began after individuals contacted a number of ultra-high-net-worth Chinese clients advising them to withdraw funds due to unverified speculation that the bank could lose its license.
Bank representatives said the claims were false and described the calls as the actions of malicious actors attempting to undermine confidence in the institution, and that it has reported the claims to authorities.
The rumors gained traction partly because of heightened sensitivities in the financial sector following the liquidation of several financial institutions earlier this year, including Prince and Panda Bank, which made some depositors more cautious.
APD Bank told clients that while the situation placed temporary pressure on liquidity management, the institution continues to maintain a solid balance sheet and remains committed to serving customers.
The bank also noted that regulatory reserve requirements limit the ability of banks to immediately release certain liquidity buffers, which can complicate responses during sudden periods of panic withdrawals.
Temporary withdrawal limits introduced
The Bank highlighted that in response to the claims, it brought forward a planned system upgrade to ensure that its systems remained robust to support such demand. By Monday (March 16), in order to manage the situation and maintain orderly operations, the bank has implemented temporary withdrawal limits. The measures are intended to provide depositors access to essential fund while technical and operational adjustments are implemented.
Separately, APD Bank recently announced a temporary service adjustment related to system maintenance, allowing only Bakong KHQR transfers with a daily limit of $300 per customer until March 20.
APD Bank executives informed depositors it had a plan to resume services, which included potential for capital injections and additional cash collections, and is working closely with regulators on each action.
Industry groups call for calm
The developments come as Cambodia’s banking industry groups move to reassure the public about the overall stability of the financial system.
In a joint statement issued on March 16, the Association of Banks in Cambodia and the Cambodia Microfinance Association said the Kingdom’s financial sector remains resilient, liquid, and closely supervised by the National Bank of Cambodia.
The associations emphasized that key prudential indicators across the sector continue to remain above minimum regulatory requirements.
They stressed that temporary operational disruptions at individual institutions should not be interpreted as a sign of broader instability within the financial system.
Cambodia’s financial sector has expanded significantly over the past decade as credit growth, digital payments adoption, and financial inclusion initiatives have accelerated across the country.
Chea Serey, Governor of the National Bank of Cambodia calming the market on March 16, 2026.
Today the sector includes dozens of commercial banks, specialized banks, and microfinance institutions operating under the supervision of the National Bank of Cambodia and collectively managing close to $100 billion in assets.
Industry groups also warned that misinformation circulating through social media and messaging platforms can undermine public confidence and urged customers to rely only on official information from regulators and licensed financial institutions.
They added that maintaining confidence in the financial system remains a shared responsibility between regulators, financial institutions, and the broader public as Cambodia’s banking sector continues to grow and mature.
