(KPL/Xinhua) The National Bank of Cambodia (NBC) joined the Regional Payment Connectivity (RPC) initiative, further strengthening regional financial integration in Southeast Asia, a joint press release said on Tuesday.

The NBC's inclusion in the RPC followed its formal expression of interest to be part of the initiative, the press release said.

It added that the NBC announced its participation in the fourth supplemental pages of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity during an event on the sidelines of the 12th ASEAN Finance Ministers' and Central Bank Governors' Meeting in Kuala Lumpur, Malaysia.

"The NBC's inclusion into the RPC initiative brings the total number of signatories to nine ASEAN central banks," the press release said.

First established in 2022 by the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand, the initiative has since been expanded to include Vietnam in August 2023, as well as Brunei and Laos in February and April 2024, respectively.

"This growing participation of the RPC initiative underscores its potential for further expansion within ASEAN and beyond to enhance collaboration on regional payment connectivity and foster greater financial integration within the region," the press release said.

The RPC initiative aims to promote faster, cheaper, more transparent and more inclusive cross-border payments. Since its inception, it has fostered and accelerated the development of cross-border payment connectivity in the region through, among others, quick response code-based payment and fast payment modalities.

By promoting seamless cross-border transactions in the region, the RPC initiative supports broader economic activities in ASEAN, including greater market access for small- and medium-sized enterprises, enhances trade facilitation, and improves remittance flows.

"Participating in the RPC initiative will foster regional economic growth and establish a more interconnected payment system within ASEAN," NBC Governor Chea Serey said in the press release.

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

KPL