PHL, Cambodia central banks hold talks on financial sector develop-ments – BusinessWorld Online
THE BANGKO SENTRAL ng Pilipinas (BSP) and the National Bank of Cambodia (NBC) met last week to discuss developments and challenges in the financial sector.
On Aug. 18, the two central banks concluded a high-level bilateral meeting in Bohol, Philippines that was led by BSP Governor Eli M. Remolona, Jr. and NBC Governor Chea Serey, the BSP said in a statement on Thursday.
“The two institutions exchanged insights on key developments and challenges in the financial sector, particularly cross-border payment initiatives, application of artificial intelligence in financial services, and strat-egies for combating financial fraud,” it said.
“The bilateral meeting reaffirmed the mutual commitment of the BSP and the NBC to cooperate and foster financial innovation, enhance the efficiency and interoperability of payment systems, and strengthen cooperation in various areas of central banking,” it added.
The two central banks also held bilateral talks in August last year, where they signed a memorandum of understanding aimed at strengthening their cooperation in central banking and payment connectivity.
The agreement also sought to promote collaborative efforts between the Philippines and Cambodia in areas such as payment system advancements, artificial intelligence, cybersecurity, sustainable finance and human resource development, among others.
The BSP has been working with other countries to enhance cross-border payments. — Katherine K. Chan