Phnom penh: The National Bank of Cambodia (NBC) and the National Bank of Rwanda (NBR) have jointly announced a "Cross-Border Payment Cooperation" between Cambodia and Rwanda. The signing took place during the 28th Conference of Central Bank Governors of Francophone Countries, held from May 28 to 31 in Phnom Penh, under the theme "Central Bank Autonomy in the Face of Public and State Expectations."

According to Agence Kampuchea Presse, this cross-border payment cooperation demonstrates the shared commitment of both central banks to modernising their payment systems and promoting greater financial connectivity. It is expected to further strengthen economic, trade, and tourism relations between Cambodia and Rwanda, while supporting broader regional and international financial integration.

The NBC stated that by leveraging technological advancements and digital innovation, the partnership seeks to enhance the use of seamless and efficient electronic payment services for the citizens of both nations. This initiative is implemented under the Memorandum of Understanding (MOU) on "Cooperation in Areas of Financial Sector Development" between the NBC and NBR, which was signed on April 14, 2023, in Washington, D.C., United States of America.

The MOU establishes a framework for strengthening cooperation through the exchange of knowledge and experience, with the aim of advancing financial sector development in both countries. The Kingdom's central bank has built one of the world's most progressive cross-border retail payment networks, primarily powered by its blockchain-backed Bakong system and universal KHQR code system.

NBC has steadily expanded its footprint across the region and into key global markets. The network handles transactions in two primary phases - foreign travellers scanning KHQR in Cambodia and Cambodians scanning local QRs abroad.