AKP Phnom Penh, April 30, 2025 --

H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC), held a working meeting with representatives of the Hong Kong Monetary Authority on April 29, 2025 in Hong Kong.

The meeting focused on three key areas – retail payment system connectivity, large-value payment system connectivity, and cooperation on foreign exchange and reserve management.

In the meeting, the two sides encouraged the examination of the possibility of signing a Memorandum of Understanding between the NBC and the Hong Kong Monetary Authority to provide a suitable mechanism for the technical working groups of the two sides to discuss work related to payment system connectivity and international reserve management.

The preparation for the signing of the proposed Memorandum of Understanding will provide a framework for closer and stronger cooperation between the two institutions.

In addition, the two sides discussed a number of works related to the state of banking and financial system, the development of digital economy, particularly the digital currency Euro, the model of payment system connectivity, and the preparation of formal cooperation.

The NBC joined in early April the Regional Payment Connectivity (RPC) initiative, further strengthening regional financial integration in Southeast Asian region.

The RPC initiative aims to promote faster, cheaper, more transparent and more inclusive cross-border payments. Since its inception, it has fostered and accelerated the development of cross-border payment connectivity in the region through, among others, quick response code-based payment and fast payment modalities.

By promoting seamless cross-border transactions in the region, the RPC initiative supports broader economic activities in ASEAN, including greater market access for small- and medium-sized enterprises, enhances trade facilitation, and improves remittance flows.

To strengthen cooperation in the development of financial systems, modernise cross-border payment and remittance operations, and promote the use of the national currency, NBC has implemented cross-border payment cooperation with Thailand, Laos, Vietnam, Malaysia, South Korea, and China through UnionPay and Alipay.

By Chea Vannak