The National Bank of Cambodia (NBC) has officially joined the Regional Payment Connectivity (RPC) initiative, marking a significant step towards enhanced financial integration in Southeast Asia. This announcement was made during the launch of the second phase of the Malaysia-Cambodia cross-border QR payment linkage on 8 April 2025, coinciding with the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur, Malaysia.
The inclusion of the NBC brings the total number of RPC signatories to nine ASEAN central banks. Initially established in 2022 by the central banks of Singapore, Indonesia, Malaysia, the Philippines, and Thailand, the initiative has expanded to include Vietnam, Brunei Darussalam, and Lao PDR. The growing participation highlights the RPC’s potential to enhance collaboration on regional payment connectivity and foster greater financial integration within ASEAN.
The RPC initiative aims to facilitate faster, cheaper, more transparent, and inclusive cross-border payments. It has accelerated the development of cross-border payment connectivity through QR code-based payments and fast payment modalities. This initiative supports broader economic activities in ASEAN, including increased market access for small and medium-sized enterprises (SMEs), enhanced trade facilitation, and improved remittance flows.
Chea Serey, Governor of the NBC, stated, “Participating in the RPC initiative will foster regional economic growth and establish a more interconnected payment system within ASEAN.”
The NBC’s participation underscores the commitment to regional economic collaboration and sets the stage for further expansion of the RPC initiative, potentially benefiting the broader ASEAN community.
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