NBC, BFM ink MoU to explore cross-border payment system
NBC, BFM ink MoU to explore cross-border payment system
The National Bank of Cambodia (NBC) and the Banky Foiben’i Madagasikara (BFM) or the Central Bank of Madagascar Tuesday signed a Memorandum of Understanding (MoU) to establish a framework for cooperation in knowledge sharing and explore cross-border payment system between the two central banks.
The MoU was signed by Chea Serey, Governor of NBC, and Aivo Andrianarivelo, Governor of the Banky Foiben’i Madagasikara in the capital.
Senior officials from both central banks were present on the occasion.
Lauding the development of Cambodia’s economy and banking system, particularly the Bakong payment system and the accumulation of international reserves, Andrianarivelo expressed optimism about future cooperation with NBC, highlighting the mutual benefits it would bring in both economic and social aspects.
In response, Serey extended a warm welcome to the delegation from the Central Bank of Madagascar, who were keen to learn about Cambodia’s central banking system, especially the Bakong payment system. She also reaffirmed NBC’s commitment to strengthening bilateral cooperation.
Serey apprised Andrianarivelo about the progress of NBC’s initiatives, noting that many countries have studied its experience in developing banking systems and establishing cross-border payment connections.
She expressed optimism about the potential for linking cross-border payment systems with Madagascar in the future.
Earlier, the Governor of NBC during an annual conference on February 8 said that technology is rapidly advancing across all sectors.
She said in line with technological innovation and the government’s policies to promote the digital economy and society, both retail and wholesale payment systems have been gradually modernized.
These systems have gained national and international recognition for providing convenience, speed, and security while also contributing to the promotion of the riel and financial inclusion, she added.
“The Bakong system is integrated with multiple countries in the region and international payment network companies, enabling users to make payments via QR codes in Thailand, Laos, Vietnam, Malaysia, and South Korea, as well as through UnionPay and Alipay. This has facilitated trade, investment, and tourism while further promoting the use of the riel,” Serey said.
Additionally, the Bakong Tourists App has been launched in collaboration with international payment networks such as Mastercard and Visa. This initiative aims to support the tourism sector by allowing international visitors to make a wide range of QR code payments for goods and services.
“These achievements reflect NBC’s contribution to the Royal Government’s strategy to formalize the economy by encouraging banking and financial institutions to open accounts and provide payment services for micro, small, and medium enterprises, as well as self-employed individuals,” Serey said.
Traditionally, these groups have relied on informal financial services, which are often costly and insecure, she added.
However, the use of modern payment services also carries risks, such as QR code fraud and identity theft, which can lead to financial losses or the theft of sensitive information. “Therefore, we urge our staff to exercise caution when making payments—ensuring that the account name and transaction amount are correct—and to keep passwords secure,” she said.
