Cambodia: NBC, NIPL reach cross border payment and remittance cooperation

• Apr 19, 2023

The National Bank of Cambodia (NBC) signed a Memorandum of Understanding (MoU) with NPCI International Payment Limited (NIPL) to promote a collaboration in the area of cross border payment and remittance between Cambodia and India.

According to an NBC’s press release on April 17, the MoU signing was formalised virtually on Mar. 17, 2023 under the presidency of Dr. Chea Serey, Deputy Governor, NBC, representative of Dr. Chea Chanto, Governor of NBC, and Chief Executive of NIPL, Mr. Ritesh Shukla.

The objective of the MoU is to establish a collaborative framework that enables both parties to further study and discuss on various technical, commercial, operation and other related aspects in order to develop digital connectivity and interoperability to support cross border payment and remittance between the two countries.

Through the MoU, the NBC and NIPL will work together to explore the possibility of enabling real time fund transfers between Cambodia and India and the outcome of this cooperation is believed to provide a major impetus for cross border payment and remittances.

The MoU singed between the two parties will provide greater benefit for citizens of both countries to safely and conveniently utilise formal channel for cross border payment and remittances at an affordable cost.

In addition, this connectivity is expected to be a major breakthrough to support the development of economic and financial relations that would contribute to stimulating economic, tourism, and trade development for both countries in the future. AKP-Phal Sophanith