The Bangko Sentral ng Pilipinas (BSP) and the National Bank of Cambodia (NBC) recently signed a memorandum of understanding (MOU) to foster closer cooperation.

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

In a joint statement on Tuesday, BSP and NBC said the MOU signifies the willingness and commitment of both parties 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 signing ceremony was followed by a high-level bilateral meeting where the BSP and NBC exchanged views on recent macroeconomic and financial developments and outlook, payment system developments, artificial intelligence, cybersecurity, and sustainable finance.

The two central banks also discussed opportunities for further cooperation in these areas.

The BSP-NBC bilateral meeting and MOU on cooperation are expected to encourage more collaboration, particularly in the areas of central banking, payment connectivity and innovation, digital financial innovation, banking supervision, human resource development, and other areas of mutual interest. (PNA)