Kiripost

Hundreds of anxious customers gathered outside the Asia‑Pacific Development Bank (APD Bank) headquarters in Phnom Penh this week after the lender announced a suspension of key services due to system maintenance.

Queues formed at the Boeung Kak branch on Monday as clients sought to withdraw funds, with some reporting daily limits of $300. Security guards controlled entry while police stood by. One businessman, who said his company had $5 million deposited with the bank, told reporters he was unable to access his money.

APD Bank issued a statement insisting that the disruption was temporary and linked to scheduled maintenance. It assured customers their deposits remained safe, noting that limited services would continue until 20 March, including account inquiries and small transfers.

The incident comes at a sensitive time for Cambodia’s financial sector. Several institutions, including Prince Bank and Panda Bank, have recently faced closures or licence revocations amid allegations of money laundering and financial instability.

In response to mounting speculation, the Association of Banks in Cambodia and the Cambodia Microfinance Association released a joint statement urging calm. They stressed that the sector remains “resilient, liquid and subject to close supervision by the National Bank of Cambodia”, condemning rumours that could erode public trust.

Central bank governor Chea Serey also moved to reassure depositors, explaining that banks cannot always release funds immediately as they are tied up in long‑term loans. She urged customers to give regulators time to work with institutions to resolve issues.

APD’s chairman, Vong Pech, said staff were working to restore services and maintain stability. Industry leaders emphasised that the disruption at one bank should not be seen as a reflection of Cambodia’s wider financial system, which they insist remains robust.

For now, customers are being asked to remain patient as APD Bank gradually restores operations, while regulators continue efforts to shore up confidence in the sector.

-2026-03-18