Kuala Lumpur (MidLand) – Bank Negara Malaysia and the National Bank of Cambodia (NBC) have strengthened cooperation in financial innovation and regional payments through the signing of a Memorandum of Understanding (MoU) witnessed by Malaysian Prime Minister Anwar Ibrahim and Cambodian Prime Minister Hun Manet.
BNM Governor Abdul Rasheed Ghaffour in a press release on Tuesday said the MoU shows the commitment of both countries to increase cross-border and local currency payments.
He said this collaboration will strengthen BNM’s long-term relationship with NBC for mutual benefit and spur greater and more integrated financial innovation to support regional economic development.
Meanwhile, NBC Governor Chea Serey said the MoU marks a significant step in cooperation between the two central banks.
NBC and BNM will collaborate to promote financial innovation and improve cross-border payment systems with QR codes to increase business activities and financial inclusion in both countries, he said.
Furthermore, this cooperation will encourage the use of local currencies in accordance with ASEAN objectives.
Prime Minister Anwar Ibrahim in his press release said that the memorandum of understanding between the two central banks was an effort to address currency-related issues.
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Reporter: Virna P Setyorini
Publisher: Anton Santoso
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