On 2 February 2018, the National Bank of Cambodia hosted a bilateral meeting with Bank Negara Malaysia, presided over by H.E. Chea Chanto, Governor of National Bank of Cambodia and Tan Sri Muhammad Bin Ibrahim, Governor of Bank Negara Malaysia in Siem Reap.
The meeting aimed at strengthening solidarity, friendship, and most importantly continuing the tradition of close cooperation between the two central banks. Both Central Banks signed a Memorandum of Understanding (MOU) on Bilateral Technical Cooperation since 2010 on areas related to banking supervision, payment and settlement system, monetary policy, and macroeconomic analysis. In the meeting, the delegates of both central bank exchanged views and discussed on the progress and achievements of bilateral technical cooperation, recent development of macroeconomic and financial sector, FinTech, and Central bank governance and structure.
So far, excellent cooperation between both central banks has immensely contributed to the development of the two countries’ banking sectors. The Bank Negara Malaysia also contributed to the improvement of human resources at the National Bank of Cambodia through various trainings and study visits. In addition, the National Bank of Cambodia and Bank Negara Malaysia also established supervisory colleges in order to further strengthen cross-border banking supervision.
With the rising trend of fintech across the international arena, both central banks have agreed to collaborate on the development and adoption of fintech in enhancing innovation, efficiency and effectiveness of both countries’ financial services sectors, particularly on the application of technology in financial inclusion. Besides fintech, both central banks have also agreed to further enhance cooperation on areas such as supervision and research among others, targeting at further developing and modernizing banking sector and contributing to the sustainable economic growth of Cambodia and Malaysia.