Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom, Singapore vow finance team-up

Kingdom, Singapore vow finance team-up

Content image - Phnom Penh Post
National Bank of Cambodia (NBC) governor Chea Chanto (pictured) at a virtual meeting with Singaporean ambassador Teo Lay Cheng on Tuesday. NBC

Kingdom, Singapore vow finance team-up

Cambodia and Singapore are committed to continuing working together on promoting financial development, with a special focus on propping up economic growth in the Kingdom.

The consensus came during a virtual meeting between National Bank of Cambodia (NBC) governor Chea Chanto and new Singaporean ambassador Teo Lay Cheng on June 29.

After briefing Teo on the Cambodian economy’s current progress and snags, Chanto thanked the Singaporean government and the Monetary Authority of Singapore (MAS) – the central bank – for lending the NBC a hand in areas related to financial innovation.

He also brought up the Global Financial Technology Programme, which Singapore assisted the NBC in organising, under the umbrella of “partner cities” of the Singapore FinTech Festival 2020.

“Cooperation between the two countries – especially in the banking sector – is expected to continue growing, and support and contribute to the development of Cambodia’s financial and other economic sectors,” Chanto said.

The ambassador thanked the NBC for its “excellent cooperation” with the MAS and congratulated Chanto on being honoured by a UK-based international magazine as this year’s “most outstanding” central banker in the Asia-Pacific, one among five central bankers each representing a world region.

She was referring to the “Central Banker of the Year, Asia-Pacific” award from premier financial magazine The Banker, which is owned by London-based Financial Times Group.

Teo also highly commended the Cambodian banking system’s achievements, which she said have contributed significantly to supporting economic activity.

She also pointed out that further efforts to strengthen cooperation between the two countries in the financial sector and create a more comprehensive cooperative approach between the MAS and NBC.

In 2019, the NBC and 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 the emerging financial technology market as well as regulations related to innovations in financial services.

And on May 6, NBC director-general Chea Serey was tapped as an International Council Member of Singapore-headquartered Global FinTech Institute (GFI), at a virtual council meeting.

The appointment was in recognition for her achievements in harnessing financial technology and innovation to create and unlock opportunities for those underserved by traditional models of financial services.

GFI bills itself as “a global professional credentialing body dedicated to creating greater collaboration, advocacy, ethics and knowledge for all fintech professionals”.


  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Cambodian diaspora laud Manet’s UN Assembly visit

    Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former

  • After three deferrals, Capital Gains Tax to take effect Jan 1, 2024

    The General Department of Taxation (GDT) will implement the Capital Gains Tax starting January 1, 2024 to after being deferred three times as industrial players warn that the implementation might have some negative impact on the property market growth, which is down due to the economic downturn.