The National Bank of Cambodia (NBC) is the latest bank to officially join the Regional Payment Connectivity (RPC) initiative, which aims to strengthen regional financial integration in Southeast Asia.

The initiative was first established in 2022 by the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand, and the central bank of Cambodia is now the ninth bank to join. Its goals are to promote quicker, cheaper, more inclusive and transparent cross-border payments within the region.

“Participating in the RPC initiative will foster regional economic growth and establish a more interconnected payment system within ASEAN”

H.E. Dr Chea Serey, Governor, NBC

The group’s work also supports wider economic activities in ASEAN, such as making improvements in market access for small and medium-sized enterprises, trade facilitation, and remittance flows.

“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 initiative states.

Cross-border payments

The RPC initiative has so far stimulated and advanced cross-border payment connectivity developments in the region – work includes quick response (QR) code-based payment, and fast payment methods.

“Participating in the RPC initiative will foster regional economic growth and establish a more interconnected payment system within ASEAN,” said H.E. Dr Chea Serey, the Governor of the NBC.

The other eight member banks of the RPC initiative are:

• Bank Indonesia;
• Bank Negara Malaysia;
• Bangko Sentral ng Pilipinas;
• Monetary Authority of Singapore;
• Bank of Thailand;
• State Bank of Vietnam;
• Brunei Darussalam Central Bank; and
• Bank of the Lao PDR.