Cambodia joins ASEAN RPC initiative to boost payment links

RPC was launched in 2022 by central banks of Singapore, Indonesia, Malaysia, and more.

The National Bank of Cambodia (NBC) has officially joined the Regional Payment Connectivity (RPC) initiative. 

The RPC was launched in 2022 by the central banks of Singapore, Indonesia, Malaysia, the Philippines, and Thailand. 

Vietnam joined in August 2023, followed by Brunei Darussalam and Lao PDR in February and April 2024, respectively.

The RPC initiative aims to make cross-border payments faster, cheaper, more transparent, and inclusive. 

The announcement was made on 8 April during the launch of the second phase of the Malaysia-Cambodia cross-border QR payment linkage, held alongside the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur.

With Cambodia's inclusion, the number of ASEAN central banks participating in the RPC initiative has increased to nine. 

It has supported the development of payment systems using QR codes and other fast payment technologies to improve regional connectivity. 

The initiative is expected to benefit small and medium-sized enterprises, facilitate trade, and enhance remittance flows across ASEAN.

NBC Governor Dr. Chea Serey stated that Cambodia’s participation will contribute to regional economic growth and a more interconnected payment system within the region.