Logo of Phnom Penh Post newspaper Phnom Penh Post - Central bank links up for Thai pay system

Central bank links up for Thai pay system

Content image - Phnom Penh Post
The head office of the National Bank of Cambodia in Phnom Penh.

Central bank links up for Thai pay system

The Kingdom’s central bank unveiled plans on Wednesday to collaborate with its counterpart in neighbouring Thailand to launch a QR code payment system, a bank official said.

The system, which would allow people from either country to rapidly send funds to one another, is aimed at those who travel often for business or tourism.

An announcement from the National Bank of Cambodia (NBC) said it would let users bypass the need to use costly exchanges to turn Cambodian riel into Thai baht, or vice versa.

The systems will also allow Cambodian workers in Thailand to transfer money to their families at home.

The NBC’s director-general of central banking, Chea Serey, said the initiative will receive support from financial institutions in both countries and that leaders would meet up later this year to define rules and procedures.

She said the system was set to go public next year.

“This is another effort to promote the use of riel. [It] will allow Cambodians to use their own currency abroad and will prove to the public that it is internationally recognised,” she said.

The system will only work for users whose bank accounts utilise Cambodian riel, and aims to be a catalyst to boost riel usage.

Cambodian imports accounted for $15.5 billion in total last year, in which the imports from Thailand was 16.5 per cent of total imports. It is second only to China, whose products account for 41.7 per cent of imports to the country.

In September of last year, the NBC signed an agreement with the People’s Bank of China in Guangxi to set up an official yuan-riel exchange rate, allowing businesses to conduct settlements without having to use the US dollar.

MOST VIEWED

  • First deportees of the year touch down in Cambodia

    Twenty-five Cambodian-Americans landed in Phnom Penh on Wednesday, marking the first such deportations of the year. “On Wednesday, US law enforcement authorities deported 25 Cambodian nationals that immigration judges determined had no legal basis to remain in the US,” said Arend Zwartjes, spokesperson for the US

  • Qatar Airways to connect Doha and Siem Reap town

    Qatar Airways Company QCSC has announced a new route connecting Qatar’s capital Doha with Siem Reap, a move hailed by local officials as a significant step to boost tourist numbers. A Qatar Airways representative, speaking at the Kuwait Aviation Show, announced on Thursday that

  • Sokha defence denies Tech’s claims

    ON DAY two of Kem Sokha’s treason trial, lawyers for the government said the defence had raised questions in an attempt to allow their client to make a public statement and a conclusion to the case, something his legal team denied. Ky Tech, a

  • Cambodian general visits Myanmar to enhance national defence cooperation

    Royal Cambodian Armed Forces (RCAF) commander-in-chief Vong Pisen is now in Myanmar leading a delegation that aims to improve ties, particularly in national defence, with the fellow Asean member. The timing of Pisen’s four-day visit to the Southeast Asian neighbour is highly symbolic, with

  • Probe underway after wreckage of drone with Chinese characters found

    Air Force Command spokesman Prak Sokha said on Sunday that investigations are underway regarding the wreckage of a drone that was recovered in Koh Kong province’s Koh Sdech commune in Kiri Sakor district. The wreckage has been taken to the capital for further examination,

  • Sokha’s treason trial begins

    The treason trial of Supreme Court-dissolved Cambodia National Rescue Party (CNRP) president Kem Sokha began at the Phnom Penh Municipal Court on Wednesday with the presentation of a two-minute video clip. The footage, which was the basis of the charge against him, was dismissed by