Cambodia and the Philippines are promoting bilateral financial cooperation and accelerating the adoption of a bilateral QR cross-border payment system, which is expected to be implemented soon. The initiative aims to facilitate trade and tourism between the people of both countries.
Closer financial cooperation was discussed during an August 18 annual bilateral meeting between Chea Serey, governor of the National Bank of Cambodia (NBC), and Eli M. Remolona, Jr., governor of the Central Bank of the Philippines (BSP), in Bohol province, the Philippines.
According to an NBC statement, both sides exchanged views on key developments and challenges in the economic and financial sectors — particularly regarding cross-border payment initiatives, the use of artificial intelligence (AI) in finance and consumer protection efforts.
“The bilateral meeting reaffirmed the joint commitment of both central banks to strengthen and enhance bilateral cooperation, promote financial innovation, improve the efficiency and interoperability of payment systems, and exchange experiences and further cooperation in various central banking activities,” it said.
Serey has previously explained how cross-border QR code payments would provide convenience, speed and safety for people in partner countries. In addition, travel between the two nations will no longer require carrying large amounts of cash.
“This project plays a vital role in promoting trade and financial integration between partner countries. It marks an important step toward achieving the ASEAN economic community’s vision of interconnected, fast, efficient and secure retail payment systems,” she said.
As of now, the NBC has successfully launched cross-border QR code payment systems with several countries, including Thailand, Vietnam, Laos, Malaysia, South Korea and China.
