NBC seeks China’s support to integrate cross-border payment system
NBC seeks China’s support to integrate cross-border payment system
The National Bank of Cambodia (NBC) Monday sought support from China to connect its cross-border payment system to enhance convenience and provide more payment options as this would pave the way to attract Chinese investors and tourists to Cambodia.
The assistance was sought by Chea Serey, Governor of the NBC, during a meeting with Wang Wenbin, Chinese Ambassador to Cambodia, at the NBC’s Wat Phnom Building in Phnom Penh.
According to an NBC press release, the two leaders discussed Cambodia-China bilateral cooperation, particularly in banking and finance.
Serey highlighted the ongoing collaboration between the NBC, the Central Bank of China, Chinese financial institutions, and various Chinese companies. This cooperation aims to promote trade and tourism between the two countries, focusing on facilitating direct payment transactions using their national currencies.
As part of this partnership, Chinese tourists can now use mobile apps to make payments in Cambodia via QR codes.
“Serey requested support from the Chinese side to further integrate the Chinese cross-border payment system, enhancing convenience and expanding cross-border payment options to attract more investors and Chinese tourists,” read the release.
Wang expressed support for further integration of payment systems to facilitate cross-border transactions and boost trade, aligning with the vision of leaders of both countries.
The Chinese Ambassador praised the iron-friendship ties of the two countries in all fields, especially the good financial cooperation between Cambodia and China.
The meeting underscored the commitment of both parties to strengthen cooperation, especially in banking and finance, to support trade and other sectors.
Lim Heng, Vice President of the Cambodia Chamber of Commerce (CCC), told Khmer Times that the CCC has also been actively promoting business relations between Cambodia and China while cooperating closely with the Chinese business community.
He said that the leaders of the two countries had previously committed to building a Cambodian-Chinese community for the future in the new era. They had also set out to establish a Diamond Cooperation Framework focusing on six priority areas: cooperation in politics, quality and production capacity, agriculture, energy, security, and people-to-people exchanges, he added.
Heng said, “China is one of Cambodia’s largest trade and investment partners. In recent years, the trade volume between the two countries has steadily increased, exceeding the target set by the both governments.”
As for direct investment, China has invested in key sectors such as garments, construction, mining, energy, agriculture, and tourism. Cambodia regards China as a reliable friend and partner in joint economic development,” Heng added.
According to Chinese statistics, bilateral trade between January and October this year reached $14.4 billion, an increase of 19 percent year-on-year, and notably, its imports from Cambodia grew by 20 percent year-on-year, said a report presented by Zhong Jie, Economic and Trade Adviser of the Embassy of the People’s Republic of China in Cambodia recently.
Cambodian statistics also show that China has been the Kingdom’s largest source of foreign investment for many years. From January to October this year, Chinese enterprises signed investment agreements in Cambodia worth nearly $3 billion.
