The Bangko Sentral ng Pilipinas (BSP) and the National Bank of Cambodia (NBC) have formalized a partnership to bolster cooperation in cybersecurity, payment systems, and digital innovation.
The agreement, signed on August 19, 2024, in Siem Reap, Cambodia, by BSP Governor Eli M. Remolona Jr. and NBC Governor H.E. Dr. Chea Serey, marks a significant step in strengthening bilateral relations.
Following the MOU signing, both central banks engaged in high-level discussions on economic conditions, financial trends, and advancements in payment systems, artificial intelligence, cybersecurity, and sustainable finance.
This collaboration aims to create a framework for expanded cooperation between the BSP and NBC, fostering advancements in central banking, payment connectivity, and digital innovation.
The partnership aligns with the broader regional push to enhance payment connectivity, spurred by the COVID-19 pandemic.
The Regional Payment Connectivity Initiative (RPC), involving eight Southeast Asian central banks including the BSP, is focused on accelerating, reducing costs, and increasing transparency of cross-border transactions.
The RPC is specifically designed to support small and medium-sized enterprises and streamline trade and remittance processes.
As the initiative progresses, the BSP and its regional counterparts are exploring opportunities to include more countries in the RPC to broaden its impact.
