[INNEWS Comprehensive Report] Recently, Travelex, one of the world’s leading foreign exchange brands, joined hands with the National Bank of Cambodia to start a riel exchange war at Singapore Changi Airport.
As one of the largest transportation hubs in Asia, Changi Airport has become the gateway to Cambodia, presenting Travelex’s Riel trading for the first time. Since last year, Cambodia Airways and Cambodia Angkor Air have operated flights between Cambodia and Changi Airport.
Changi Airport now supports the purchase and sale of Cambodian riel in exchange for a variety of currencies, including Singapore dollars, US dollars, Australian dollars, European euros and Japanese yen. Travelex’s investment and decision to establish itself in one of Asia’s financial centers is a milestone.
This move allows the riel to trade fairly with other currencies in Singapore, marking the riel’s important rise in the global market.
In recent years, the Central Bank of Cambodia has been working hard to enhance the status of the riel, aiming to improve the effectiveness of monetary policy, ensure long-term stability and economic prosperity, and has taken major measures to expand the international influence of the riel. For example, the successful integration of Thailand’s payment system connected the Bakong payment system with the central bank and other major commercial payment system providers.
Dragon Wang, Commercial Director of Travelex Asia, said they are very pleased to support Cambodia’s local currency and overall economy by exchanging riel at Changi Airport. “First and foremost, having the riel available at Changi Airport will make it easier than ever for travelers to and from Cambodia to redeem the riel. We are also very proud to play our part in increasing the riel’s influence and availability on the journey.” Dragon Wang So said.
Additionally, the National Bank of Cambodia and the Monetary Authority of Singapore have signed a memorandum of understanding to provide necessary digital infrastructure initiatives for cross-border financial services and trade between small and medium-sized enterprises (SMEs) in both countries. Under this initiative, Singaporean financial institutions can assess the financial status of cross-border businesses of local SME owners, helping them obtain reliable information from Cambodian financial institutions. Although bilateral trade volume in the first eight months of 2023 reached US$1.1 billion, it dropped 78.3% compared to the same period in 2022. But what is certain is that the increasingly close financial cooperation between the two sides has brought new vitality to the region’s economic growth.