After the official official launch of the Career Development Pathway inJanuary 2022, participated and supported by H.E DITH Nita, Education and SDF Committee, the T&D has established a key Technical Working Group (TWG) to develop a training curriculum and programs aimed at building and strengthening engthening the capacity capacity among Credit Officers Officers for higher position opportunities. The working group comprises comprises of key experts experts and leaders leaders from different microfinance institutions. 48 Career Development Pathway At the same time, a training training on "Foundation ndation Training Training Program Program for Credit Officers Officers and Credit Consultants" nsultants" was also conducted conducted in order to support support and share resources resources to build their career pathways in the microfinance sector. It should also be noted that the TWG meeting meeting has been hosted, hosted, and attended attended by 14 experts from banks, MDIs, MFIs, and Leasing Companies. The purpose of the meeting was to discuss discuss on producing producing a training curriculum curriculum as well as other needed materials materials for the training. So far, the materials were produced and finalized, and are expected to be launched in early 2023. CMA ANNUAL REPORT 2022
University Engagements, Promote Talent Pools for Microfinance Sector To address the current current challenges challenges faced by human resources resources in the sector, the T&D has always been trying to build a bridge between between the sector and educational educational institutions institutions through through conducting onducting various various training trainings and workshops. workshops. In 2022, the T&D successfully successfully delivered: 2 Memorandum of Understandings (MoU) which was inked between CMA, the Human Resource University (HRU) and the Cambodia Mekong University (CMU). The two MoUs aim to promote human capital while attracting the youth to work in the microfinance sector. 3 workshops with university students which were conducted with more than 400 participants. The topic of the workshops includes career guidance, job fair, microfinance knowledge, etc. By attending the workshops and activities, the participants who are the university also got the opportunity to learn more about the microfinance sector as well as their career path within the sector. More than 20 CMA members have joined recruitment sessions during career guidance workshops. 49 CMA ANNUAL REPORT 2022
As of 2022, CMA's T&D has been working working on its main social media, such as Facebook Facebook page (Jobs in Microfina Microfinance) and Telegram Telegram Group channel channel (Jobs in Microfinance Microfinance Sector). The platforms platforms were created created to promote promote and update job opportunities opportunities within the sector to CMA members, members, employees employees in the sector, sector, university university students and the public. Both channels channels supported supported CMA members members by sharing sharing their vacant positions positions within their institutions. In 2022, more than vacant positions were actively announced on the page and group. 50 800 Likes and almost Followers with more than in 2022 700+ 600 15K Reach in the Telegram Group – most of them are HR Professionals 300+ members T&D DEPARTMENT'S SOCIAL MEDIA Support New Talents in Seeking Careers Within the Sector CMA ANNUAL REPORT 2022
in both the Telegram Group and Channel. Support and Strengthen members and public engagement relations, and Network Sharing in Human Resource Management (HRM) and Training & Development 51 To continue strengthening and maintaining good relationships as well as engagement among members, the public, and human resource management, the T&D has been actively working on its social media platforms including, a Telegram group and channel and Facebook page. The platforms are created to update and share training programs, workshops as well as other relevant information regarding the sector. 2200+ subscribers CMA ANNUAL REPORT 2022
Academy Live Show The topics of the shows include leadership skills, and practical knowledge as well as management. The show is expected to be broadcasted in early 2023. 52 In 2022, an academic live show was developed in order to widely promote financial literacy among staff who are currently working within the sector, particularly those who are in the district and provincial branches. CMA ANNUAL REPORT 2022
The Training Development Department of CMA has conducted 4 Education and Staff Development Fund (SDF) committee meetings aimed to oversee and support initiatives, and performances of HR and compliance professionals, particularly to improve and develop capacity-building programs as well as SDF. Key outcomes under the committee leadership include HR Bureau initiatives, Integrity Dashboard, Sector Watchlist, Cross-sector Staff Development Fund Matching, Employee Turnover Ratio, Salary Surveys, Training, and workshops. Education and SDF Committee and Club 53 CMA ANNUAL REPORT 2022
In 2022, all 125 members members of CMA have fully implemented implemented the Staff Development velopment Fund (SDF). CMA would like to express express its gratitude gratitude to all members members who have consistently consistently collaborated with us by sharing data and promptly paying contribution fee. Staff Development Fund Management Quarterly Staff Turnover Ratio Additionally, Additionally, in order to support support and strengthen strengthen the integrity integrity and fairness fairness among the SDF employees, loyees, CMA has also introduced and reinforced reinforced data-sharing data-sharing practices practices and the Integrity Dashboard Mechanism Mechanism which aims to monitor monitor the level of data integrity integrity and help the association's association's members members to adhere to their data-sharing data-sharing in a timely and more accurate manner. Notwithstanding, internal internal forms and procedures procedures are revised, revised, introduced, introduced, and reinforced reinforced within the sector while the staff movement movement and cross-movement cross-movement matching matching among CMA's members are also strengthened and reviewed by CMA and ABC. At the same time, after a discussion discussion has been made between between ABC and CMA, the staff cross-movement cross-movement criteria criteria and conditions conditions were clearly clearly refined refined and the new condition will be implemented from 2023. CMA has been playing an important role to monitor the turnover ratio on quarterly basic in order to support support CMA's members members to understand understand the causes of staff resignation resignation and strengthen their internal staff retention and competition strategies. Sectoral Overall Drop-out Rate Vs Voluntary Drop-out Rate on Quarterly Basic In 2022, the staff movement movement rate by sector on quarterly quarterly basic was around 4.5% while the overall drop-out rate decreased from 4.69% to 3.45%, of which the overall overall voluntary voluntary dropout decreased from 3.90% to 2.6% which is a good status in the sector. sector. At the same time, the annual accumulate accumulate overall overall dropout rate is approxi approximately 14.9% while the annual overall voluntary drop-out rate is 12.3%. 54 CMA ANNUAL REPORT 2022
CMA ANNUAL REPORT 2022 Salary Increment Survey for 2023 Sectoral Overall Drop-out Rate Vs Voluntary Drop-out Rate on Quarterly Basic To support the members in projecting the increment budgeting for their employees in 2023, CMA together with its members has conducted an increment survey for a data collection. The maximum increment for Banks is 9%, MDI is 9%, MFI is 15.4%, Leasing is 10%, and RCI is 15%. Share of Salary Increment by Members Share of Salary Increment by Sector According to the survey among CMA's members, the salary increase average is , while the minimum is and the maximum salary is . 6.4% 1% 15.4%
Annual Microfinance Conference (AMC) is the largest event of CMA, bringing together policymakers, policymakers, prominent prominent business business leaders, leaders, banking banking and microfinance microfinance leaders, leaders, and key stakeholder eholder representatives representatives to discuss discuss trends and key issues related related to microfinance development and growth in Cambodia. The main topics of the discussion discussion in AMC 2022 include include the Reflection Reflection on Economy Economy Recovery, Recovery, Challenges Challenges and Opportunities, ortunities, and Strategies Strategies to Strengthening Strengthening Responsible and Sustainable Growth of the Microfinance Sector. To update the progress of Cambodia’s economic recovery, reflecting on challenges and opportunities in 2022 To share experiences and best practices on how the microfinance sector and partners contributed to the economic recovery efforts in the context of Covid-19 The key objectives of the 2022 annual conference were: To provide an overview overview and insight insight into the sector's sector's health performance, performance, challenges, challenges, and opportunities rtunities towards towards strengthening strengthening the sustainability sustainability of the microfinance microfinance sector, sector, with sharing and presenting by prominent experts, practitioners, and regulators. Annual Microfinance Conference (AMC) 56 CMA ANNUAL REPORT 2022
From 17 to 21 May 2022, Cambodia Microfinance Association hosted a Study Visit Program on Cambodia Microfinance Financial Institution for the board of directors of RMDC Laghubitta Bittiya Sanstha Ltd. The study visit allowed them to learn and understand more on the microfinance sector in Cambodia in term of insight, operation, policy and best practices that enable the rapid growth of the sector. The visit took place in Phnom Penh and Siem Reap. PILLAR 4: OPERATIONSDEPARTMENT During the visit, the delegates delegates visited NBC to learn about Cambodian monetary history policies policies and some MFI branches branches of AMK, Amret, and Mohanokor Mohanokor to understand understand their business operation. The five-day study also included included the SOSORO museum and the Choeung Choeung Ek Genocidal Genocidal Center. CMA is pleased pleased and welcomes welcomes international international sectors sectors and other stakeholders stakeholders who wish to learn and explore explore more about the insight insight and progress progress of the microfinance microfinance sector in Cambodia. STRENGTHEN INTERNAL CONTROL AND FINANCIAL PERFORMANCE MANAGEMENT 58 CMA ANNUAL REPORT 2022
STRENGTHEN INTERNAL CONTROL AND FINANCIAL PERFORMANCE MANAGEMENT 59 The forum included included panel discuss discussions and presentations presentations where the speakers speakers shared different different topics related related to the sector. sector. Additionally, Additionally, there was also a signing signing ceremony ceremony with key strategic strategic partners between between CMA and CBC and between between CMA and SME Bank. CMA held the 16th Annual General Assembly Assembly and 2nd Annual Forum on 11 February February 2022, under the theme of Strengthening Resilience and Sustainability of the Microfinance Sector in Cambodia. The assembly assembly aims to invite banking banking and microfinance ofinance leaders, leaders, policyma policymakers as well as develop development partners partners to learn and discuss on trending trending of the microfinance microfinance sector as well as key challenges and opportunities within the sector. sector. It garnered garnered more than 90 participants. CMA ANNUAL REPORT 2022
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CORPORATEGOVERNANCE OVERVIEW The Cambodia Microfinance Association aims to ensure the prosperity and sustainability of the microfinance sector in Cambodia. CMA plays a vital role in creating local and international networks, seeking equity and loan funds, new technologies and overseeing conflict resolution between microfinance operators. All of these activities have led each member institution to become stronger and more successful and thereby attract support from the international market to enable industry expansion. CMA KEY MILESTONES 2002- 2004 AFD and ADA in Luxembourg become donors and works with CMA to support development of the microfinance sector CMA committees established for IT&Marketing, Advocacy, Training and Audit Members : 17 CMA receives recognition by NBC as subdivision of ABC Further support from Planet Finance and Australian Aid CMA establishes Clubs for CEOs, Operations, Finance, and HR CMA grows to 6 full time staff. Members : 20 Partnership with Australian NGO Good Return on financial education project Funding from AFD for CPI project support until 2015 Created documentary series with purpose of financial education for Cambodian public Members : 44 Self-regulation and social performance supported organization of the Social Performance Taskforce annual meeting in 2015 Launch of the Preah Sihanouk MoU initiative - providing FSPs with sector-wide lending guidelines and framework to enhance policies Member: 95 CMA becomes more independent. Business plan under four pillars is established Creation of Staff Development Fund to aid professional knowledge and training in the sector CMA grows to 13 full time staff Members : 103 2006- 2007 2008- 2009 2010- 2014 2015- 2017 2018 64 Seven microfinance institutions (MFIs) held a meeting meeting in August 2002 to establish a Microfinance Association. In November 2003, CMA was formed as a secretariat supporting the Microfinance Association with seven founding members. Formal registration from Ministry of Interior granted in 2004 Members : 7
2019 2020 2021 2022 Banking and Financial Institutions’ Code of Conduct (CoC) introduced by CMA, ABC, and CAFT. The Standard Loan Contract was introduced. MoU with SPTF Member: 124 Department of Financial Inclusion and Social Impact was established Lending Guidelines was scaled up, reflecting the further strengthening of self-regulations Member: 103 Lending Lending Guidelines Guidelines was incorporated incorporated into the Banking Banking and Financial Financial Institutions’ Institutions’ Code of Conduct. Lending Lending Guideline has been included included into the National Financial Inclusion Strategy of Cambodia Cambodia 2019 – 2025 of the National National Bank of Cambodia. The CMA and ABC’s financial financial literacy literacy strategy strategy has been developed developed and is being implemented implemented by the ABC financial financial inclusion inclusion committee. A responsible Lending Program was created. Member: 115 CMA initiated the enhancement of the Responsible Inclusive Finance “RIF” through the Cambodia Consumer Protection Framework 2020-2025 Launching Launching a book on building building an inclusive financial sector with NBC CMA, ABC, CBC research taskforce has been formulated formulated to engage with research agendas for the sector Member: 113 65
Mr. SOK Voeun, LOLC Chief Executive Officer, holds a Master's Degree in Business Administration with a specialization in Finance and Banking from Build Bright University in Cambodia, which he obtained in 2005. In 2000, he also earned a Bachelor's Degree in Economic Science with a focus on Management of Enterprises[C1] from the former Faculty of Law and Economics, which is now Royal University of Law and Economics. Throughout his career, Mr. SOK has actively pursued professional development opportunities in microfinance and related fields. He has participated in microfinance training programs at Boulder Institute of Microfinance in Italy, as well as other relevant trainings in countries such as the United States, South Africa, India, Bangladesh, and Thailand. Moreover, he has attended various training programs in Cambodia on topics including credit management, financial management, human resource management, risk management, digital innovation, good governance, and leadership, among other. His professional experience includes working at ACLEDA Bank Plc. as a Credit Officer from 2000 to 2001, followed by a promotion to Head of Credit Control Unit at the Head Office from 2001 to 2005. He then served as Operations Manager at SATHAPANA Ltd. (MFI) from 2005 to 2010, overseeing day-to-day operations related to loans, savings, money transfer transactions, and market expansion. In April 2010, Mr. SOK joined LOLC as Chief Operations Officer and was subsequently promoted to Deputy Chief Executive Officer in December 2012. Since 1 June 2014, he has held the position of Chief Executive Officer, appointed by the Board of Directors. BOARDOFDIRECTOR The Board of Directors is CMA’s main policy arm to which all major decisions are submitted for approval. The Board is composed of 13 members chosen by the General Assembly, all of whom are important players in the microfinance industry. 11 members represent Microfinance DepositTaking Institutions, Microfinance Institutions and banks, 1 member represents Financial Leasing Institutions, and 1 member represents Rural Credit Institutions. Mr. SOK Voeun CMA Chairman LOLC (Cambodia) Plc. 66 H.E DITH Nita is the founder and Chairwoman of CAMMA Microfinance Limited. She holds a Bachelor's Degree in Commerce, which she obtained in 2003, and a Master's Degree in Finance Management, which she earned in 2005 from Australian National University. With over a decade of experience in business management and credit management, H.E DITH Nita has demonstrated her expertise in these areas since 2008. Prior to establishing CAMMA Microfinance Limited, H.E DITH owned and managed a construction company. Concurrently, she operated a Credit Operator that later became registered as a microfinance institution. In 2010, her institution received official recognition H from the National Bank of Cambodia. .E. DITH Nita CMA Vice-Chairwoman CAMMA Microfinance Limited CMA ANNUAL REPORT 2022
CMA ANNUAL REPORT 2022 Mr. KEA Borann is a highly accomplished senior executive with extensive expertise in microfinance leadership. Currently serving as the Chief Executive Officer at AMK microfinance, one of the leading microfinance institutions in Cambodia with the largest customer base, he has made significant contributions to the organization for over ten years since 2004. Throughout his tenure, he has held various key leadership positions, including Finance Manager, CFO, and Deputy CEO, playing a pivotal role in the growth and development of AMK. Before joining AMK, Mr. KEA served as Finance Director at World Relief Cambodia / CREDIT (microcredit program). His experience in this role further enriched his knowledge and skills in financial management. Mr. KEA holds Bachelor of Business Administration (BBA) majoring in Finance and Accounting. Additionally, he has achieved the prestigious accreditation of ACCA (Association of Chartered Certified Accountant) and became an ACCA member in 2008. Mr. KEA Borann CMA Board of Director AMK Microfinance Institution PLC 67 Mr. DOS Dinn assumed the role of Chief Executive Officer at Amret in January 2019. He embarked on his career at Amret in 1996 as a Supervisor in the provincial branch office. Within two years, he transitioned to Product Development Unit and a steadily progressed through the ranks. In 1999, he was appointed as Operations Manager, followed by his role as Chief Operations Officer from 2008 to 2011. Afterward, in February 2011, he was promoted to the position of Deputy Chief Executive Officer before ultimately being appointed as CEO. Mr. DOS holds MBA from Utara University of Malaysia, which has equipped him with advanced business knowledge and expertise. In addition, he obtained a Bachelor's Degree from Royal University of Agriculture in Cambodia. With his extensive experience and strong educational background, Mr. DOS Dinn continues to lead Ameret with great dedication and proficiency. Mr. DOS Dinn CMA Board of Director Amret Microfinance Institution Mr. PA Ponnak Rithy holds the esteemed roles of Shareholder and Board of Directors at MAXIMA. He joined the company in December 2000, contributing his expertise and leadership to its success. Prior to his tenure at MAXIMA, Mr. PA served as an Accounting and Administration Assistant at LWS from 1998 to 2000. He also held the position of Chief of Accounting at Pacific Commercial Bank from 1995 to 1998. Furthermore, he served as the Deputy Chief of the Credit Office of the National Bank of Cambodia in Kampot province from 1980 to 1995. Mr. PA obtained his degree in Accounting/Finance and Banking in Cambodia and received a Bachelor of Business Administration in 1986. Alongside his professional qualifications, he possesses excellent proficiency in both English and Khmer languages. In addition to his professional accomplishments, Mr. PA is renowned for his compassionate leadership style. He leads his teams with affection, transparency, and, when necessary, firmness. He is affectionately referred to as "Pu" by the staffs who have known him for many years, embodying his role as a father figure. Mr. PA Ponnak Rithy CMA Board of Director MAXIMA Microfinance Plc.
68 Mr. SIM Senacheat is a highly qualified professional with an impressive educational background. He holds both Master's and Bachelor's Degrees in Business Administration and obtained a Diploma in Accounting and Finance in 1994. He has actively pursued professional development in the field of microfinance operations and management since 1995, attending several training courses. Notably, he is accredited under the Microfinance Training of Trainers course certified by ADBI, TDLC of WB, and UNCDF. Mr. SIM started his career in the banking sector before joining PRASAC MFI in 1995 as Credit Officer. Through dedication and hard work, he steadily climbed the ranks and assumed various positions within the organization, including roles as an Accountant, Branch Manager, MB Trainer and Supervisor, and Finance Manager. In mid-2002, he made a transition to another MFI where he successfully held the positions of Branch Manager, Operations Manager, and Deputy CEO. However, his commitment and prior experience led him back to PRASAC in late 2003, where he served as President and Chief Executive Officer until early 2022. Currently, Mr. SIM holds the esteemed position of Director and Chief Executive Officer at First Finance, showcasing his leadership abilities and expertise in the microfinance industry. Mr. SIM Senacheat CMA Board Advisor First Finance Plc With over two decades of experience in microfinance, Oknha Dr. BUN Mony is a highly skilled executive who founded CCB NGO before serving as Executive Director for eight years. Under his leadership, CCB NGO obtained its license as an MFI in 2003. With a focus on finance, accounting, and management, Dr. BUN is an expert in the field. He holds Bachelor of Business Administration (BBA) from National University of Management, Master of Business Administration (MBA) from Utara University of Malaysia, and Doctor of Business Administration (DBA) from Preston University in the USA. Oknha Dr. BUN Mony CMA Board of Director Vithey Microfinance Plc. Ms. TOP Sok Samphea embarked on her journey with WOORI BANK (CAMBODIA) PLC. (Former WB Finance Co. Ltd.) in 2002, assuming the role of Director for Finance and Administration. Over the years, she showcased her exceptional capabilities and was promoted to Chief Operating Officer in 2008. In April 2021, she transitioned to the position of Chief Risk Officer. Before her tenure at WOORI BANK (CAMBODIA) PLC., Ms. TOP gained valuable experience as a senior auditor at Ernst & Young and PricewaterhouseCoopers. She has over twenty years of experience in finance, accounting, management, business planning and strategies, auditing, administration, and communication. Her academic qualifications include a Bachelor's Degree and Master's Degree in Business Administration, both earned from National University of Management in Cambodia. Additionally, she holds a Diploma in Accounting and Administration obtained from Noisy Le Grand College in France. Mrs. TOP Sok Samphea CMA Board of Director Woori Bank CMA ANNUAL REPORT 2022
CMA ANNUAL REPORT 2022 69 Oknha HOUT Ieng Tong is an esteemed figure in the microfinance industry, serving as the President, CEO, and co-founder of Hatha Kaksekar Limited since 1996. With extensive experience in both financial and non-financial management, he has consistently excelled in his role. He holds a Bachelor's Degree in Agriculture, which he attained in 1991, and further pursued his academic journey by completing a Master's Degree at Build Bright University. In addition to his educational achievements, Oknha Hout has broadened his knowledge through active participation in numerous microfinance-related workshops. These workshops have taken him to various countries, including the USA, the Philippines, Indonesia, France, Germany, and several others. Oknha Hout served as the CMA’s Chairman from 2008 to 2009 and from 2016 to 2017. Oknha HOUT Ieng Tong CMA Board of Director Hattha Bank Mr. KHOU Buntry is a highly accomplished finance professional with a wealth of experience spanning over two decades. He holds a MBA in Finance from Charles Sturt University, Australia, and a BBA in Accounting from the National University of Management (formerly Faculty of Business). Throughout his career, Mr. KHOU has held prominent senior management roles in various sectors, including Banking, Microfinance Institutions, and International NGOs. Since 2017, he has been appointed as Chief Executive Officer of Funan Microfinance Plc. Prior to joining Funan, he served as EVP & Chief Financial Officer for Cambodia Post Bank for four years. Additionally, he held the position of Finance Director at Hattha Kaksekar Ltd. for five years. Earlier in his career, he spent two years as Finance Manager for Room to Read Cambodia, four years as Finance Manager for Marie Stopes Cambodia, and two years as Accountant for Canadia Bank. Mr. KHOU Buntry CMA Board of Director FUNAN Microfinance Plc. Mr. OUM Sam Oeun is a highly qualified executive with an impressive educational background. He holds a Master's Degree in Business Administration, specializing in banking and finance, and obtained a Diploma in Accounting and Commerce in 1988. In addition to his impressive credentials, he holds a Bachelor's Degree in Business Management. He has also attended several training courses related to microfinance operations and management. Mr. OUM professional experience began when he worked as Chief Accounting Officer in Takeo provincial Department of Commerce. In 1995, he joined PRASAC credit program and was promoted to Deputy General Manager of PRASAC MFI in early 2007. He also served as a member of the Board of Directors of PRASAC MFI from 2004 to 2017. Since 2011, he has held the position of Executive Vice President & Chief Operations Officer. He was later appointed as President and Chief Executive Officer, a position he currently holds today. Mr. OUM Sam Oeun CMA Board of Director PRASAC Microfinance Institution Plc.
Mr. CHAN Mach is the first local CEO of KREDIT (now Phillip Bank). Prior to promoting to this position, he held the position of Operations Manager since 2016. He began his journey with KREDIT in 1999, initially assuming the role of Auditor and Trainer, leveraging his background as a math teacher with a Bachelor of Mathematics degree. Recognizing his exceptional managerial potential, he was promoted to Phnom Penh Branch Manager in 2001, where he successfully led the branch to flourish. In 2003, he was appointed as Operations Director. Under his astute leadership, KREDIT experienced significant growth and sustainability, with the portfolio size tripling during his tenure. His commitment to professional development is evident through his completion of two Master's degrees: MBA and MFB. Additionally, he has attended numerous courses nationally and internationally, focusing on microfinance and banking. Mr. CHAN Mach CMA Board of Director Phillip Bank Mr. LAV Pokeat is a member of the Board of Directors at CMA and serves as the representative of Financial Leasing Institutions. He holds the position of Chief Operating Officer (COO) at i-Finance Leasing Plc which he founded in early 2015 and has served this position since then. Prior to his involvement with i-Finance, Mr. LAV held the role of Finance Manager at Borey Rivertown, a residential project based in Phnom Penh. In this position, he oversaw all financial matters and sales-related activities for the project. Mr. LAV's educational qualifications have played a significant role in shaping his success in the finance industry. He earned a Master's Degree in Finance and a Bachelor's Degree in Mr Economics & Finance from University of New South Wales in Australia. . LAV Pokeat CMA Board of Director i-Finance Leasing Plc. Mr. PHENG Pheap is a highly accomplished individual in the financial industry, serving as Chief Executive Officer and being the co-founder of C.K.L.S Finance Plc. Mr. PHENG's educational background includes a Master's Degree in Finance and Banking (MFB) from Norton University (NU), a Bachelor's Degree in English Literature from ASIA EURO University (AEU), and a Bachelor's Degree in Economic Development from Norton University (NU). Prior to his role at C.K.L.S Finance Plc, Mr. PHENG served as a Sales Marketing Manager at YAKOMU F&B Co., Ltd. from 2006 to 2008. Following that, he joined ACLEDA Bank Plc and held various positions, including Loan Recovery Officer and Credit Officer, from 2008 to 2015. In addition to his role at C.K.L.S Finance Plc, Mr. PHENG also serves as a member of CMA Board of Directors (BoD) and has been a representative of RCI since 2020. Mr. PHENG Pheap CMA Board of Director CKLS Finance Plc. 70 CMA ANNUAL REPORT 2022
BOARDOFDIRECTORS ORGANIZATIONAL STRUCTURE HEADOFOPERATION DEPARTMENT SECRETARYGENERAL AUDITANDFINANCE COMMITTEE EDUCATIONANDSDF COMMITTEE PR&CSRCOMMITTEE FI/LGANDSEFLREGULATIONS COMMITTEE SECTORALCLUBS/ NETWORKING EVALUATIONAND DISCIPLINARYCOMMITTEE HEADOFCOMMUNICATIONS FINANCE MANAGER ADMIN HR/ FINANCEOFFICER FINANCE ASSISTANT OFFICEASSISTANT/ CLEANER FINANCEOFFICER LOGISTIC AND ADMIN ASSISTANT DRIVER AND ADMIN ASSISTANT MEMBERSERVICE DEVELOPMENT MANAGER ICT MANAGER COMPLAINT ASSISTANT COMMUNICATIONS OFFICER CONTENTWRITER OFFICER-RIF-2022 CONTENTWRITER OFFICER-RIF-2022 CONTENTWRITER SPECIALIST (2023) HEADOF TRAININGAND DEVELOPMENT SDF MANAGERSDF FUND TRAINING MANAGER SDF ASSISTANTSDF FUND CONTENT OFFICER INTERN HEADOFFINANCIAL INCLUSION ANDSOCIAL IMPACT CONTENTWRITER OFFICER-RIF-2022 CONTENTWRITER SPECIALIST (2023) INTERN PROJECTSTAFF PROJECT FUND COMPLIANCEANDRISK COMMITTEE INTERN 71
Mr.PHAL Vandy has more than 20 years of progressive experiences in leading international development agencies, coordinating and managing multi-sectorial development projects with high-level partnership with relevant government ministries and development partners. His latest involvements as an active member of the Partnership Steering Committee on Social Accountability with the World Bank and EU projects with government ministries in strengthening public services including more quality of education, public health, and commune administrative services in the country. Mr.PHAL joined the Cambodia Microfinance Association (CMA) as the Executive Director in late 2019 and later appointed as the Secretary General in January 2022. He also served as a member of the Board of Director for the Institute of Banking and Finance (IBF) between 2019 and 2022. Mr. PHAL got a Master’s Degree in Development Study from University of Cambodia in 2008, a Bachelor’s Degree in Business Management from the National University of Management in 2004, Certificates of Law from University of San Francisco in 2000, Leadership and Management Development from the United Kingdom in 2016, Australian Leadership Award Program from DEAKIN University in Australia in 2017, Certificate in Executive Leadership Program on Leading Digital Transformation from STANFORD University in 2021, Certificate in Law and Regulation of Inclusive Finance from the University of Luxembourg in 2022. SENIOR MANAGEMENT TEAM Mr. PHAL Vandy CMA Secretary General 72 Over 20 years of serving financial sector and civil societies with international nongovernmental organizations and domestic professional membership-based associations, Mr. CHHORN Vatanak, has skills and expertise in organizational development (OD), human resources management (HRM), training and development (T&D), program and project management, fundraising and proposal writing, and information communication technology (ICT). Currently, Mr. CHHORN is the Head of Training and Development (HTD) of the Cambodia Microfinance Association (CMA). He is in charge of ensuring and providing high-capacity development and strengthening the ethics and professionalism of the microfinance sector, especially employees of CMA's over 120 members of Financial Institution Members of CMA. In addition, he leads and facilitates the Human Resource Networking Club (HR Club) and Compliance Officer Networking Group (CONG) of the microfinance sector to ensure the high professional employee performance and ethical practices among HR practitioners and regulatory compliance of the sector. Prior to joining CMA, Mr.CHHORN was head of programs, managers, and specialist with Cooperation Committee for Cambodia (CCC), World Vision International (WVI) and Good Return (Australian NGO) over decades. Mr. CHHORN Vatanak Head of Training and Development
Finance Club 73 Ms. PHENG Vouchnice, CMA Acting Head of Operations Department, is responsible for ensuring the financial operations and management of CMA, including budget planning and controlling, banking processes, financial analysis, and reporting for management. She, especially, works with internal and external auditors to ensure that CMA's financial operations are sound. She also coordinates and facilitates CMA’s Finance Club, which supports members in addressing technical challenges, sharing solutions, and adopting best practices. Ms. PHENG has over 11 years of experience in private banking and financial sectors. She has core skills and competencies in finance, accounting, customer relations management, and auditing. Prior to joining CMA, she worked as a Senior Business Relationship Officer at Cambodia Post Bank (CP Bank) and as an accountant in the real estate sector. She is also currently pursuing a Master's degree in Taxation and Audit at a university in Cambodia. Ms. PHENG Vouchnice Acting Head of Operation Mr. VONG Pheakyny is CMA Head of Financial Inclusion and Social Impact. He is responsible for development and execution of CMA’s financial inclusion initiative, in line with the National Financial Inclusion Strategy 2019-2025. In addition, he oversees the implementation of microfinance development program in collaboration with stakeholders such as NBC, ABC, CBC, SPT, ADA, AFD, JICA and other development partners. He is also in charge of CMA’s research programs including data collection, storage, analysis and reporting. Mr. Vong has over 17 years of working experience in microfinance with a background and profession in Financial Inclusion, Social and Market Research, Market and Business Intelligence, Market Segmentation, Financial Consumer Behavior, Social Performance Management (SPM), Big Data Analysis, and Program and Project Management. Before serving the role of Head of Financial Inclusion and Social Impact at CMA, Mr. VONG served in many roles and positions of Research Officer, Social Research Manager, and Head of Research at AMK Microfinance Institution. Mr. VONG Pheakyny CMA Head of Financial Inclusion and Social Impact Mr. KAING Tongngy is the Head of Communications Department at the Cambodia Microfinance Association where he oversees public relations, financial literacy, client complaints, member services, ICT, and event management. Tongngy has diverse working experiences over the last decades in the areas of journalism, public health, community development, agriculture, education, advocacy, ICT, and startups, but his area of expertise is in media and communications. Mr. KAING graduated with BA in Media Management in 2011, BA in English Literature in 2007 and an Associate in Teaching Methodology in 2003. He is also passionate about integrating ICT for development. Mr. KAING Tongngy CMA Head of Communication Department
COMMITTEE ANDCLUB AUDIT AND FINANCE COMMITTEE Chairwoman: Mrs. TOP Sok Samphea The committee was established to monitor and ensure that all elements of financial information to be disclosed and reported by the Association to stakeholders are completely transparent, accurate, reliable, relevant and in a timely manner. The Committee will meet at least once in every quarter or more frequently as required. The schedule of meetings, standard agenda and secretariat services are maintained by the Secretary of the Committee. EDUCATION & SDF COMMITTEE This Committee meets twice a year (with extra meetings if required) to assess training needs and hence develop skill training programs for member organizations’ staff, ensuring the success of their own institutions and contributing to the long-term sustainability of the microfinance sector in Cambodia Finance Club I. Committee CMA’s network of committees was established in 2006. Each committee are structured around a unique MFI business function. The groups allow MFI staff from each discipline to network, discuss key issues regarding their functions such as new regulatory requirements, share examples of best practice and brainstorm strategies for industrywide issues. Members: Mr. PA Ponnak Rithy, Shareholder and Board of Directors at MAXIMA Microfinance Institution Mr. CHAN Mach, Chief Executive Officer at Philip Bank Mr. SOK Sophal, Chief Finance Officer at LOLC (Cambodia) Plc. Mr. KHOU Buntry, Chief Executive Officer at FUNAN Microfinance Plc. Mr. OHM Sareth, Head of Finance at Amret Microfinance Institution Chairman: H.E. DITH Nita Members: Oknha Dr. BUN Mony, Chief Executive Officer at Vithey Microfinance Plc. Mr. PHENG Pheap, Chief Executive Officer at CKLS Finance Plc Mr. LAV Pokeat, Chief Operation Officer at i-Finance Leasing Plc Ms. PEAING Pisak, Head of Human Resource Department at AMK Microfinance Institution PLC Mr. THO Sroy, Vice President & Head of Training, Learning & Development at Hattha Bank 74 Chief Risk Office of Woori Bank Chairwoman of CAMMA Microfinance Limited
PR AND CSR COMMITTEE Chief Executive Officer of Amret Microfinance Institution The specific objective of the Committee is to support CMA with strategic direction and mobilize members’ resources for CMA’s public relations (PR) and cooperate social responsibility (CSR) initiatives. The Committee also provides supports CMA Board of Directors. The Committee will play an important role in reviewing and addressing the needs for PR and CSR to ensure the positive image of the sector including promoting financial literacy, client protection, media relations, stakeholder relation, social works and other financial inclusion activities. FINANCIAL INCLUSION AND SELF-REGULATION COMMITTEE The establishment of the Financial Inclusion and Self-regulation Committee is in line with the development of the microfinance sector and accordance with the National Strategy on Financial Inclusion 2019-2025. This committee aims at promoting and improving access to formal and responsible financial services in Cambodia. Members: Mr. OUM Sam Oeun, Chief Executive Officer at PRASAC Microfinance Institution Plc. Mr. CHAN Mach, Chief Executive Officer at Phillip Bank Mr. CHHUN Sopheak, Chief Executive Officer at MOHANOKOR Microfinance Institution Plc. Mr. LY Bunrith, Chief Operation Officer at Chamroeun Microfinance Plc. Mr. BUN Zhicheav, DCEO of Samrithisak Microfinance Limited Chairman: Mr. SOK Voeun Members: Mr. KEA Borann, Chief Executive Officer at AMK Microfinance Institution PLC Mr. OUM Sam Oeun, Chief Executive Officer at PRASAC Microfinance Institution Plc. Mr. KHOU Buntry, Chief Executive Officer at FUNAN Microfinance Plc. Mr. PHENG Pheap, Chief Executive Officer at CKLS Finance Plc Mr. LAV Pokeat, Chief Operation Officer at i-Finance Leasing Plc Mr. SUON Pisey, Chief Retail Business Officer at AMK Microfinance Institution Plc. 75 Chairman: Mr. DOS Dinn Chief Executive Officer of LOLC (Cambodia) Plc.
COMPLIANCE & RISK COMMITTEE Chairman: Mr. KEA Borann This Committee meets twice a year (with extra meetings if required) to ensure the microfinance sector fully complies with the rules and regulations and find ways to mitigate any risks which unexpectedly happen in the whole sector Members: Mr. DOSS Dinn, Chief Executive Officer at Amret Microfinance Institution Mr. SOK Veoun, Chief Executive Officer at LOLC (Cambodia) Plc. Mr. PHENG Pheap, Chief Executive Officer at CKLS Finance Plc Mr. LAV Pokeat, Chief Operation at i-Finance Leasing Plc Mr. SUON Pisey, Chief Retail Business Officer at AMK Microfinance Institution Plc. Ms. PEAING Pisak, Chief HR office at AMK Microfinance Institution Plc. Mr. OHM Sareth, Head of Finance at Amret Microfinance Institution Mr. UK Kosal, Head of Compliant at AMK Microfinance Institution Plc. EVALUATION AND DISCIPLINARY COMMITTEE Chairman: Oknha D.r BUN Mony The committee was formed to promote ethical and professional practice among the members of the Cambodia Microfinance Association by acting as an assistant to the Board of Directors in overseeing and evaluating the implementation of the LG Financial Code and other self-regulations. Members: Mr. PA Ponnak Rithy, Shareholder and Board of Directors at MAXIMA Microfinance Institution Mr. DOSS Dinn, Chief Executive Officer at Amret Microfinance Institution Mr. KEA Borann, Chief Executive Officer at AMK Microfinance Institution Plc. Mr. SOK Veoun, Chief Executive Officer at LOLC (Cambodia) Plc. H.E DITH Nita, Chairwoman of CAMMA Microfinance Limited Mr. SUON Pisey, Chief Retail Business Officer at AMK Microfinance Institution Plc. 76 Chief Executive Officer of AMK Microfinance Institution PLC Chief Executive Officer of Vithey Microfinance Plc.
COMMITTEE ANDCLUB The purpose of CMA’s Clubs is to build and encourage strong relationships among members, and to define common issues and seek inclusive resolutions for the industry as a whole. II. Club CEO CLUB Chairman: Mr. SOK Voeun Members: Chief Executive Officers from each member The purpose of the CEO Club is to build strong relationships between CEOs across all of CMA’s members, to address issues related to the whole sector that other clubs cannot solve, and to advise strategies to overcome the issues. The CEO Club members are a selection of CMA members in top managementlevel positions. The CEO Club meets twice a year with additional meetings if there are major issues that need to be addressed. This is the highest level of CMA’s clubs. OPERATION CLUB The Operations Club meets four times a year to encourage strong relationships among Operations Managers. Members meet to share experiences and examples of best practices, define the key issues, create strategies to deal with these issues, and prevent future occurrences. COMPLIANCE OFFICER NETWORKING GROUP Chairman: Mr. UK Kosal Members: Operations Managers from each member The Compliance Officer Networking Group meets at least 4 times per year or more frequently as required. The meeting of the club aims to update members on the recent changes in Cambodia’s laws and regulations governing Banking and Financial Sector as well as to discuss the common compliance and AML/CFT issues in the banking and financial industry. Chairman: Mr. SUON Pisey Members: Operations Managers from each member 77 Chief Executive Officer of LOLC (Cambodia) Plc. Chief Retail Business Officer of AMK Microfinance Institution Plc. Chief Legal and Compliance Officer of AMK Microfinance Institution Plc.
FINANCE CLUB Chairman: Mr. OHM Sareth Members: Finance Managers/Chief Finance Officers from each member The Finance Club meets four times a year to encourage strong relationships between Finance Managers/Chief Finance Officers by providing networking opportunities in a variety of settings. Members of the Club share examples of best practice related to finance/accounting management, define key issues regarding the application of national and international standards and policies (IAS, CAS, CFRS, NBC regulation, Taxation Law) and other applications for respective institutions. HR CLUB Chairwoman: Mrs. PEAING Pisak Vice-Chair: Mrs. LENG Thavy, Head of HR of LOLC (Cambodia) Plc. The HR Club meets four times a year to encourage strong relationships between Human Resources Managers from member MFIs. The members share their experiences, and examples of best practices, define key issues, and discuss compliance with labor law and PRAKAS. All of these activities are designed to strengthen the human resource management of member MFIs in order to ensure they work effectively and professionally. Members: Human Resource Managers from each member FIN-TECH and ICT CLUB Chairman: To be selected The club members will meet 3 times a year on mutually accepted dates to share and learn best practices and discuss on key issues and challenges relating to the fintech industry. The club also aims to ensure the long-term sustainability of the Fintech industry among MFIs by creating opportunities and enhancing their skills professionally and socially. Members: Senior Management team positions from ICT department of each member 78 Head of Finance of Amret Microfinance Institution Chief People and Development Officer, AMK Microfinance Institution Plc.
MARKETING & COMMUNICATION CLUB Chairman: To be selected Members: Finance Managers/Chief Finance Officers from each member The MarCom Club was established to help improve the marketing and communication strategy, sharing lessons and best practices among MFIs while addressing issues and challenges related to the digital area. The club is scheduled to meet 3 times a year on mutually accepted dates. FINANCIAL LEASING CLUB Chairman: Mr. LAV Pokeat The Financial Leasing Club meets four times a year to encourage strong relationships among financial leasing members, discuss issues related to the financial leasing sector and devise strategies to overcome the issues. Members: Representative from each financial leasing member RURAL CREDIT INSTITUTION CLUB The Rural Credit Institution Club meets four times a year to encourage strong relationships among rural credit institution members, discuss issues related to the rural credit institutions and devise strategies to overcome the issues. Chairman: Mr. PHENG Pheap Members: Representative from each rural credit institution member 79 Chief Executive Officer of i-Finance Leasing Plc. Chief Executive Officer of CKLS Finance Plc
RESEARCH WORKING GROUP Members: Representative from AMK, AMRET, PRASAC, Mohanokor, Chamroeun, Chok Chey Finance and Hattha Bank. The research working group consists of professional researchers which all of them are the head of research from the institutions which is the members of CMA. The objectives of this research working group is to assist CMA Financial Inclusion and Self-regulation Committee to overview comments and feedback on various research projects. 80
CMA MEMBER 81 Last updated in December 2022
82 CMA MEMBER 83
DONORS AND PARTNERS French Development Agency is the operator of France’s bilateral development finance mechanism. It is a public institution with the industrial and business status of a specialized financial institution. Its work is in line with the policy set out in France’s Framework Document for Development Cooperation approved at the end of 2010. AFD’s teams are based in Paris and Marseille and in a Network of 70 agencies and representations in developing countries and the French overseas provinces. Over the past 20 years, ADA has been dedicated to building and catalyzing the financial inclusion of populations excluded from conventional banking channels in developing countries. ADA empowers microfinance institutions and networks. Through the Luxembourg Microfinance and Development Fund, ADA also helps them obtain the funding necessary for their sustainable growth. ADA focuses on the development of innovative inclusive financial services, capacity building, and action research. 84 CMA ANNUAL REPORT 2022 Credit Bureau Cambodia (CBC) is the leading provider of financial information, analytical solutions, and credit reporting services to financial institutions and consumers in the Kingdom of Cambodia. With strong support from the National Bank of Cambodia (NBC), the Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA), and the International Finance Corporation (IFC), a world-class private credit bureau was initiated in response to the demands of Cambodia’s financial sectors to run a fair, transparent, and wellmanaged credit market to support the country’s economic growth. The Prakas on Credit Reporting was passed in May 2011 and Credit Bureau Cambodia (CBC) was officially launched on March 19, 2012.
The Social Performance Task Force (SPTF) is a non-profit membership organization with more than 4,600 members from all over the world. Members include financial service providers, investors, donors, ratings agencies, researchers, and other stakeholders interested in inclusive finance. SPTF engages with these stakeholders to develop and promote standards and good practices for social and environmental performance management (SEPM), in an effort to make financial services safer and more beneficial for clients, and to ensure that the interests of employees, local communities, and the environment are given priority attention. Wing (Cambodia) Limited Specialised Bank is Cambodia’s leading mobile banking service provider. Launched in 2009, Wing is committed to providing financial inclusion to the unbanked and under-banked allowing every Cambodian access to services including local money transfers, bill payments and phone top-ups, online shopping and QR payment, as well as instant international money transfer from more than 200 countries. 85 CMA ANNUAL REPORT 2022