PHNOM PENH: Yesterday The National Bank of Cambodia (NBC) organized the official launch of the Cambodian Shared Switch (CSS) presided over by H.E. Dr. Chea Serey, Deputy Governor of the National Bank of Cambodia.
CSS is developed to provide a convenient method for banking and financial institutions’ customers to conduct interbank payment transactions via CSS debit card on all ATMs / POS.
The official launch of CSS will provide more options for customers to make payments across institutions, increase the transparency of electronic payments, reduce money in circulation, increase efficiency in the use of financial resources, and contribute to the development of the digital economy in line with government policies and regional integration.
Last week, NBC announced a plan to expand its cross-border payment system to five more countries: Vietnam, Laos, Myanmar, China, and India. This is part of a larger effort to promote the use of the Cambodian Riel in trade and investment between Cambodia and its neighbors.
The NBC has already successfully launched cross-border payment systems with Thailand and Malaysia. Under these systems, Cambodians can use their Riel accounts to make payments in Thailand and Malaysia, and vice versa. This makes it easier for businesses and individuals to trade with each other without having to convert their currencies.
NBC is also working with other countries around the world to develop secure, low-cost, and cashless payment systems. These systems will help to promote tourism, investment, and trade, and will also make it easier for Cambodians to send and receive remittances from abroad.
