Singapore and Cambodia sign digital cooperation agreement
- Jun 18, 2024
- 1 min read
On the first official visit of new Prime Minister of Cambodia Dr Hun Manet to Singapore, the two countries reaffirmed their longstanding diplomatic relationship.
Representatives from both signed an MOU to enhance cooperation in digital government, witnessed by Singapore Prime Minister Lawrence Wong and Cambodian Prime Minister Hun Manet.
A highlight of the visit was the launch of the Financial Transparency Corridor (FTC) initiative by the Monetary Authority of Singapore (MAS) and the National Bank of Cambodia.
The FTC aims to establish supporting digital infrastructure to facilitate trade and cross-border financial services for SMEs in both countries. It will initially focus on increasing deal flow and the number of participating financial institutions. Future phases will explore green finance and trade finance to bolster trade capabilities between Singapore and Cambodia.
MAS Managing Director Chia Der Jiun emphasized that the FTC will support greater access to financial services for SMEs through the exchange of financial data, creating more business opportunities.
Dr. Serey Chea, Governor of the National Bank of Cambodia, noted that the FTC exemplifies the shared vision to enhance financial trust data for SMEs, promoting better access to finance beyond borders.
The initiative underscores the deepening economic ties between Singapore and Cambodia, aiming to address inefficiencies and enhance financial transparency, ultimately supporting SMEs' growth and contributing to regional economic integration and stability.
Article from CNA. Read more here or in the PDF below.
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