Cambodia, Thailand developing new money transfer system

The National Bank of Cambodia (NBC) and the Bank of Thailand (BoT) are developing a new money transfer system for Cambodians working in Thailand to remit their cash safely, rapidly and cost-efficiently to Cambodia. This will be in addition to existing cross-border payment and transfer systems, said NBC Governor Chea Serey.

The new cross-border banking technology development plan was revealed on Wednesday at a meeting between NBC Governor Chea Serey and Cherdkiat Atthakor, Ambassador of Thailand to Cambodia, at the NBC headquarters in Phnom Penh, which was also attended by other central banking officials and Thai diplomatic officials.

“The two central banks have been developing a money transfer system for Cambodian people who are working in Thailand to remit money to their families in Cambodia safely, rapidly and cost-efficiently,” said Serey, adding that the two countries also plan to expand collaboration with each other in sharing credit information of their respective banking service consumers.

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