Travelex has partnered with the National Bank of Cambodia to start trading Cambodia’s national currency, the Khmer Riel (KHR), at Singapore’s Changi Airport.
Travelex will initially be trading Riel at Terminals 2 and 3 of Changi, one of the largest transportation hubs in Asia and a gateway to Cambodia. Both Cambodia Angkor Air and, since last year, Cambodia Airways fly between Cambodia and Changi.
Customers will be able to both buy and sell Cambodian Riel at Changi, in exchange for a wide range of currencies including Singaporean dollar, US dollar, Australian dollar, European euro and Japanese yen.
Travelex’s investment in the Khmer Riel, and its decision to trade the currency in one of Asia’s most prominent financial hubs, represents a key development for the currency. Travelex’s trading means the Riel is now available to be traded with other currencies in Singapore for the very first time.
In recent years, the Cambodian central bank has been working to promote the Riel as a means of improving its monetary policy effectiveness to ensure sustained economic growth and stability. Earlier this year, the National Bank of Cambodia also announced an expansion of the Riel’s use in international markets by connecting the bank’s blockchain-based Bakong payment system to other central banks and major commercial payment system providers following a successful payment system integration with Thailand.
The announcement also comes just weeks after the National Bank of Cambodia and the Monetary Authority of Singapore (MAS) entered into a Memorandum of Understanding to jointly create a Financial Transparency Corridor initiative, which aims to establish digital infrastructure to facilitate trade and cross-border related financial services between SME in Singapore and Cambodia.
Dragon Wang, commercial director, Travelex Asia said: “We’re delighted to be supporting Cambodia’s national currency and wider economy by enabling the exchange of Riels at Changi Airport. Providing Riel at Changi will, first and foremost, afford travellers travelling both to and from Cambodia greater convenience in exchanging Riel than ever before. We are also really proud to be playing our part in Cambodia’s journey in raising the Riel’s impact and availability.”
Re-disseminated by The Asian Banker