Philippines, Cambodia’s central banks ink MoU to boost collaboration

(MENAFN) The central banks of Cambodia and the Philippines have formalized their collaboration through a memorandum of understanding (MoU), as announced in a joint news release on Tuesday. The MoU was signed on Monday in Siem Reap province, Cambodia, by National Bank of Cambodia (NBC) Governor Chea Serey and Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona.

This agreement represents a significant step in strengthening bilateral relations and enhancing cooperation between the two central banks. According to the news release, the MoU establishes a clear framework for advancing their mutual ties, building on a history of collaboration both bilaterally and regionally.

Following the signing, a high-level bilateral meeting took place where officials from both banks discussed a range of topics. These included recent macroeconomic and financial developments, advancements in payment systems, the role of artificial intelligence, cybersecurity, and sustainable finance. The discussions also covered opportunities for further cooperation in these areas.

The MoU and the subsequent bilateral meeting are expected to foster greater collaboration in central banking practices, payment connectivity and innovation, digital financial technologies, banking supervision, and human resource development. The agreement aims to enhance joint efforts and drive progress in areas of mutual interest between the two institutions.

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