PHNOM PENH: The National Bank of Cambodia (NBC) signed Memorandums of Understanding with the China’s central bank to enhance confidence, security, efficiency, stability and inclusion in the financial sector.

On November 21, People’s Bank of China Governor Pan Gongsheng and NBC Governor Chea Serey presided over the ceremony in Beijing and signed two memorandums.

The first MOU focuses on cooperation in financial innovation and payment systems to enhance the security and efficiency of cross-border payment transactions between Cambodia and China, and to promote innovation and the adoption of financial services technology.

 The second MOU aims to strengthen the capabilities of the Cambodian banking sector to better serve the increasing bilateral trade, investments and financial flows between China and Cambodia. By innovating financial products and services offered by Cambodian banks to Chinese investors, the MOUs hope to enhance Cambodia's competitiveness and attractiveness as an investment destination.