Travelex Collaborates with National Bank of Cambodia to Launch Khmer Riel Trading at Singapore’s Changi Airport

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Travelex, the global foreign exchange specialist, has joined forces with the National Bank of Cambodia to introduce trading of Cambodia’s national currency, the Khmer Riel (KHR), at Singapore’s renowned Changi Airport.

Initially, Travelex will facilitate Khmer Riel trading at Terminals 2 and 3 of Changi, a major transportation hub in Asia that serves as a gateway to Cambodia. Notably, both Cambodia Angkor Air and Cambodia Airways have been operating flights between Cambodia and Changi, making it a strategic location for this initiative.

Travellers passing through Changi Airport will now have the convenience of buying and selling Cambodian Riel in exchange for various currencies, including the Singaporean dollar, US dollar, Australian dollar, European euro, and Japanese yen.

Travelex’s investment in Khmer Riel and its decision to introduce currency trading at one of Asia’s prominent financial centres mark a significant milestone for the currency. This move allows the Riel to be traded with other currencies in Singapore for the very first time, expanding its accessibility and reach.

In recent years, the National Bank of Cambodia has been actively promoting the Khmer Riel to enhance its effectiveness in monetary policy and ensure sustainable economic growth and stability. Earlier this year, the central bank unveiled plans to further integrate the Riel into international markets by connecting its blockchain-based Bakong payment system with other central banks and major commercial payment system providers, building on a successful integration with Thailand’s payment system.

This announcement also follows the recent Memorandum of Understanding signed between the National Bank of Cambodia and the Monetary Authority of Singapore (MAS), creating a Financial Transparency Corridor initiative. This initiative aims to establish a digital infrastructure that facilitates trade and cross-border financial services between small and medium-sized enterprises (SMEs) in Singapore and Cambodia.

Dragon Wang, the Commercial Director of Travelex Asia, expressed delight in supporting Cambodia’s national currency and economy by enabling Riel exchange at Changi Airport. He highlighted the enhanced convenience for travelers and the role Travelex is playing in promoting the impact and availability of the Khmer Riel in Cambodia’s economic journey.