National Bank of Cambodia Teams Up with Travelex for Khmer Riel Transactions

Tuesday, October 17, 2023

Travelex, a prominent foreign exchange brand, has collaborated with the National Bank of Cambodia to commence trading Cambodia’s national currency, the Khmer Riel (KHR), at Singapore’s Changi Airport.

Changi, one of the biggest transportation hubs in Asia and a gateway to Cambodia, will host Travelex’s initial Riel trading at Terminals 2 and 3. Since last year, Cambodia Airways and Cambodia Angkor Air have both offered service between Cambodia and Changi.

The recent announcement closely follows the Memorandum of Understanding between the National Bank of Cambodia and the Monetary Authority of Singapore (MAS). Together, they are collaborating on the Financial Transparency Corridor initiative, which aims to create digital infrastructure facilitating trade and cross-border financial services between small and medium-sized enterprises (SMEs) in Singapore and Cambodia. This initiative aims to create digital infrastructure to support trade and cross-border financial services between SMEs in Singapore and Cambodia.

Changi will allow customers to purchase and sell Cambodian Riel in exchange for a variety of currencies, including Singaporean Dollars, US Dollars, Australian Dollars, European Euros, and Japanese Yen.

Travelex’s investment in the Khmer Riel and its decision to trade the currency in one of Asia’s leading financial hubs mark a significant milestone. This move enables the Riel to be traded with other currencies in Singapore for the first time, signifying a key development for the currency in the global market.

The Cambodian central bank has been promoting the Riel in recent years as a way to increase the efficacy of its monetary policy and guarantee long-term stability and economic prosperity. Furthermore, the National Bank of Cambodia has taken significant steps to expand the Riel’s presence in international markets. This includes connecting the bank’s blockchain-based Bakong payment system with other central banks and major commercial payment system providers, following a successful integration with Thailand’s payment system. These initiatives signify Cambodia’s commitment to strengthening its currency’s position and fostering international financial integration.

Dragon Wang, Commercial Director, Travelex Asia expressed his delight in supporting Cambodia’s national currency and broader economy by enabling the exchange of Riels at Changi Airport. He says, “Providing Riel at Changi will, first and foremost, afford travellers travelling both to and from Cambodia greater convenience in exchanging Riel than ever before. We are also really proud to be playing our part in Cambodia’s journey in raising the Riel’s impact and availability.”

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