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Bank Negara Malaysia, National Bank of Cambodia forge alliance to promote efficient, secure cross-border payments

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Azunta Gaviola

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3 months ago

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Malaysia – Bank Negara Malaysia, alongside the National Bank of Cambodia, has recently inked a strategic agreement, demonstrating their joint effort to advance financial innovation and payments across both countries. This ceremony was commemorated by the signing of a memorandum of understanding. 

Through this alliance, the two parties aim to enhance cooperation between them, fostering more efficient and secure cross-border payments for individuals and businesses in Cambodia and Malaysia.  

The said initiative includes linking domestic payment systems to facilitate cross-border QR payments, promoting local currency settlement, and establishing a cooperative oversight mechanism for safer cross-border payments. 

Furthermore, it will also help facilitate cross-border trade and tourism activities between the countries as it represents a significant milestone in the ASEAN Regional Payment Connectivity initiative and is in line with the G20 Roadmap for improving the efficiency of cross-border payments. 

Talking about the agreement, Abdul Rasheed Ghaffou, governor at Bank Negara Malaysia, said, “This MoU demonstrates both countries’ commitment to enhance cross-border payment and local currency settlement. This collaboration will deepen our long-standing cooperation with NBC for the mutual benefit of individuals and businesses in both countries. 

“It also provides the impetus to spur greater innovation and deeper financial integration in support of regional economic development,” added Abdul.

Meanwhile, Chea Serey, governor at the National Bank of Cambodia, also shared, “Today’s event marks a significant step towards enhancing cooperation between our central banks. Through the MoU, the NBC and BNM will collaborate to drive financial innovation and improve cross-border QR code payment systems, aiming to boost trade activities and financial inclusion in both countries and to promote the use of local currencies in line with ASEAN objectives.”

This memorandum of understanding exchange between BNM Governor Abdul Rasheed Ghaffour and NBC Governor Chea Serey was witnessed by the prime minister of Malaysia, Yang Amat Berhormat Datuk Seri Anwar Ibrahim, and the prime minister of the Kingdom of Cambodia, Samdech Moha Borvor Thipadei Hun Manet.

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