[Kiri Post]: The National Bank of Cambodia (NBC) said it would be setting up a cross border payment system with counterparts in Rwanda, saying the move will strengthen economic, trade and tourism relations with a currently small-scale trading partner.

The announcement came as part of a Conference of Central Bank Governors of Francophone Countries held in Phnom Penh on May 28-31, ahead of the larger Francophonie Summit that will take place in the capital in November.

The announcement dated May 29 said that a cross-border payment initiative would “enhance the use of seamless and efficient electronic payment services for the citizens of both nations.” NBC and the National Bank of Rwanda signed a memorandum of understanding (MOU) in 2023, according to the announcement. Deputy Prime Minister Sun Chanthol met with the Rwandan Ambassador in South Korea, Bakuramutsa Nkubito Manzi, in March promising more trade between the two countries.