Kuala Lumpur: The National Bank of Cambodia (NBC) has officially joined the Regional Payment Connectivity (RPC) initiative, enhancing financial integration across Southeast Asia.

According to Lao News Agency, the NBC expressed its interest in joining the initiative and announced its participation during an event held alongside the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur, Malaysia.

The NBC’s inclusion marks the addition of the ninth ASEAN central bank to the RPC initiative, which was initially established in 2022 by the central banks of Indonesia, Malaysia, the Philippines, Singapore, and Thailand. The initiative has since expanded to incorporate Vietnam in August 2023, and Brunei and Laos in February and April 2024, respectively.

The RPC initiative focuses on promoting faster, cheaper, and more inclusive cross-border payments, leveraging technologies such as quick response code-based payments and fast payment modalities. By enabling seamless transactions across borders, the initiative supports economic activities within ASEAN, facilitating trade, enhancing market access for small and medium enterprises, and improving remittance flows.

NBC Governor Chea Serey highlighted the potential of the RPC initiative to drive regional economic growth and establish a more interconnected payment system within ASEAN. The growing participation in the initiative underscores its potential for expansion and collaboration on regional payment connectivity, fostering greater financial integration within the region.

ASEAN, the Association of Southeast Asian Nations, comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.