PHNOM PENH: The National Bank of Cambodia (NBC) signed a Memorandum of Understanding (MoU) with NPCI International Payment Limited (NIPL) to promote collaboration in the area of cross-border payment and remittance between Cambodia and India.

According to an NBC's press release on April 17, the MoU signing was formalized virtually on Mar. 17, 2023, under the presidency of H.E. Dr. Chea Serey, Deputy Governor, NBC, representative of H.E. Dr. Chea Chanto, Governor of NBC, and Chief Executive of NIPL, Mr. Ritesh Shukla.

The objective of the MoU is to establish a collaborative framework that enables both parties to further study and discuss various technical, commercial, operation, and other related aspects in order to develop digital connectivity and interoperability to support cross-border payment and remittance between the two countries.

Through the MoU, the NBC and NIPL will work together to explore the possibility of enabling real-time fund transfers between Cambodia and India, and the outcome of this cooperation is believed to provide a major impetus for cross-border payment and remittances.

The MoU signed between the two parties will provide greater benefits for citizens of both countries to safely and conveniently utilize formal channels for cross-border payment and remittances at an affordable cost.

In addition, this connectivity is expected to be a major breakthrough to support the development of economic and financial relations that would contribute to stimulating economic, tourism, and trade development for both countries in the future.