In a significant development for Cambodia’s economy, the National Bank of Cambodia (NBC) recently announced that riel banknotes can now be exchanged for foreign currencies at Travelex money exchange counters in Singapore’s Changi Airport. This move is a result of a joint effort between NBC and Singapore’s central bank, the Monetary Authority of Singapore, to promote the use of the Cambodian currency internationally.
Chea Serey, the newly-appointed Governor of NBC, shared this exciting news on her official Facebook account, highlighting the convenience for travellers. At the Travelex counters in Changi Airport’s terminals 2 and 3, foreign currencies such as the Singaporean Dollar, US dollar, Australian Dollar, European Euro, and Japanese Yen can now be converted to Cambodian Riel. Conversely, passengers arriving in Singapore with Cambodian Riel can also exchange it for other foreign currencies at the Travelex counters.
This development has been welcomed by the banking community in Cambodia. In Channy, President & Group Managing Director of Acleda Bank, expressed his satisfaction with the availability of riel for money exchange in a prominent financial hub like Singapore. He emphasized that this is a positive development for Cambodia, as it will increase recognition and awareness of the national currency among international currency users.
Mar Amara, a Senior Executive Vice President & Group Chief Financial Officer at Acleda Bank, also praised the availability of riel for exchange overseas. She mentioned that she and her colleagues often travel to Singapore and plan to take advantage of this service in the future. This accessibility will further enhance the visibility of the Cambodian currency and contribute to its international recognition.
The collaboration between NBC and the Monetary Authority of Singapore does not stop at foreign currency exchange. The two institutions have jointly created the Financial Transparency Corridor (FTC), a digital infrastructure aimed at minimizing risks in cross-border trading and financing. Sopnendu Mohanty, Chief FinTech Officer of MAS, shared his enthusiasm for this partnership, emphasizing the potential for stronger growth and innovative solutions in the digital economy.
Governor Chea Serey has been actively promoting the use of riel both domestically and overseas. NBC has organized events in various provinces of Cambodia, presenting the history and significance of using the national currency and highlighting the role of NBC in the country’s economic development.
Furthermore, NBC has signed a Memorandum of Understanding with UnionPay International (UPI), a Chinese card payment firm, to enable mobile banking users to make payments using the NBC-developed Bakong system’s KHQR codes in China. This collaboration showcases Cambodia’s commitment to promoting its local currency through electronic payment systems.
Source: Khmer Times
