Cambodia, Singapore Laud Cooperation between Their Central Banks

AKP Phnom Penh, November 04, 2020 —

Cambodia and Singapore have expressed their satisfaction with the good cooperation between their central banks.

The appreciation was made by H.E. Chea Chanto, Governor of the National Bank of Cambodia (NBC), and outgoing Ambassador of Singapore to Cambodia H.E. Michael Tan Keng Siong, during their farewell meeting here yesterday.

In 2019, NBC and the Monetary Authority of Singapore (MAS) reached a memorandum of understanding (MoU) on bilateral cooperation on financial innovation, aiming to establish a cooperation framework between the two central banks to boost financial innovation in their respective markets.

Under the MoU, NBC and MAS can share information on trends and developments in emerging financial technology market as well as regulations related to innovations in financial services.

H.E. Ambassador noted the growing investment from Singapore in the field of banking and finance in Cambodia and expressed his support for the NBC’s Riel promotion policy.

H.E. Michael Tan Keng Siong thanked NBC for its support for the organisation of Fintech Festival in Singapore by dispatching senior officials to attend the event as speakers to share Cambodia’s experience in the area of financial technology.

For his part, H.E. Chea Chanto underlined the normal situation of Cambodian economy and banking sector, which has contributed to reducing the impacts of COVID-19 pandemic in the country.

The NBC governor expressed his gratitude to the Government of Singapore as well as MAS for their assistance in building the capacity of NBC’s officials, for experience sharing, and cooperation in promoting financial innovation in Cambodia.

By C. Nika