Cambodia, Thailand to Launch Remittance Transfer System for Workers
Chea Serey, governor of the National Bank of Cambodia, meets with Thailand's Ambassador to Cambodia Cherdkiat Atthakor on Oct. 4. Photo: NBC
- By Torn Chanritheara
- October 5, 2023 4:50 PM
PHNOM PENH – Cambodian workers in Thailand will be able to send money home to their families under a remittance system from 2024 as part of strengthened financial cooperation.
Governor of the National Bank of Cambodia (NBC) Chea Serey spoke of the initiative in a meeting with Thai Ambassador Cherdkiat Atthakor on Oct. 4. She also raised cooperation in sharing consumer credit information.
Serey said that there is a strong collaboration between NBC and the Bank of Thailand, including exchange visits, sharing professional experience, providing scholarships for NBC officials to pursue higher education in Thailand, and cooperation on cross-border payment connectivity.
She also highlighted the successful integration of cross-border payment and remittance systems between Cambodia and Thailand. Thailand is the first country to have such payments with Cambodia.
“This integration has significantly supported trade, investment, and tourism between the two countries, while also promoting the use of local currencies in the market, aligning with the goals of the ASEAN Economic Community,” she said.
The NBC said the two central banks plan to launch the remittance systems for Cambodian migrant workers in Thailand by 2024, aiming to ensure secure, fast and cost-effective transfers to their families in Cambodia. However, cooperation in sharing consumer credit information may require more time to implement fully.
As part of the process, the number of migrant workers in Thailand will be determined along with their frequency of sending money home and the challenges they face.
Atthakor expressed his support and commitment to strengthening collaboration between the central banks. He also acknowledged the significant contributions of Chea Serey, who has consistently initiated innovative projects to develop Cambodia's financial sector.
