Central Banks of Timor-Leste and Cambodia Sign Memorandum of Understanding on Technological Cooperation
On Monday, July 22nd, 2024, the Central Bank of Timor-Leste (BCTL—acronym in Portuguese) and the National Bank of Cambodia (NBC) signed a memorandum of understanding to strengthen their technical expertise in banking operations, payment networks, digital innovation, supervisory procedures, the financial environment, and human capital jointly.
The event, which marked the first bilateral meeting between the two central banks, was attended by Chea Serey, Governor of the NBC, and Hélder Lopes, Governor of the BCTL. It was held at the Sofitel Hotel in Phnom Penh, Cambodia. During the meeting, the governors discussed and exchanged views on the economic situation, monetary policies, and the evolution of the banking sectors of the two countries.
The governors shared their respective experiences and strategies to mutually benefit both countries' central banks. The first bilateral meeting aimed to contribute to developing the national banking sectors of Timor-Leste and Cambodia. The initiative aimed to strengthen cooperation in central bank operations, integrate payment connections, boost digital financial innovations, ensure banking supervision, diversify the financial environment and develop human resources in the sector.
The technical teams of the two banks will strengthen cooperation through regular exchanges of opinions, sharing of information and data related to the economy and finance, as well as experience and expertise. The two governors also agreed to hold an annual meeting and pledged to strengthen and expand financial cooperation comprehensively to achieve significant results.
