The Bangko Sentral ng Pilipinas (BSP) signed a memorandum of understanding (MOU) with the National Bank of Cambodia (NBC) to boost closer cooperation between the two central banks.

The MOU was signed by BSP Governor Eli Remolona Jr. and NBC Governor Chea Serey in a ceremony held on Aug. 19 in Siem Reap, Cambodia.

'The MOU signifies the willingness and commitment of both the BSP and NBC to provide a clear framework for the facilitation of bilateral ties and the enhancement of cooperation between the two central banks which have had a history of collaboration in both bilateral and regional fronts,' the banks said in a joint statement.

After the signing ceremony, a high-level bilateral meeting took place where the BSP and NBC shared perspectives on recent macroeconomic and financial trends, payment system developments, artificial intelligence, cybersecurity and sustainable finance.

Both central banks also explored possibilities for deeper collaboration in these areas.

The bilateral meeting and the MOU between the BSP and NBC are expected to encourage collaboration in areas of central banking, payment connectivity and innovation, digital financial innovation, banking supervision, human resource development as well as other areas of mutual interest.

Central banks across the region have been enhancing their cooperation, particularly in the payment connectivity sector following the pandemic.

In November 2022, the BSP joined the push for a regional payment connectivity (RPC) to support faster, cheaper, more transparent and more inclusive cross-border payments.

Last month, the BSP and its global partners announced that they have completed the blueprint for the third phase of its Nexus Project and are now preparing for the final phase, which includes the live implementation of cross-border payments connectivity globally.

The BSP and its partners are aiming to onboard other central banks inside or outside the region to participate in the RPC initiative.

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