The Bangko Sentral ng Pilipinas (BSP) has intensified its collaboration with the National Bank of Cambodia (NBC) on financial innovations through the signing of a Memorandum of Understanding between the two central banks.

In a statement released Tuesday, the BSP said BSP Governor Eli Remolona Jr. and NBC Governor Chea Serey signed the memorandum last 19 August in Siem Reap, Cambodia. The officials also discussed international economic trends and opportunities.

They committed to exchanging insights on financial services and maximizing resources to improve the payment system, artificial intelligence, cybersecurity, and financing for sustainability activities in both countries.

Nexus blueprint completed

The signing of the memorandum came after the BSP and several central banks in Southeast Asia announced they had completed the blueprint for Nexus, a single platform which will enable faster and cost-efficient payments in the region and ultimately in other parts of the world.

Last month, BSP Deputy Governor Mamerto Tangonan reported that digital transactions in the Philippines accounted for 52.8 percent of all monthly retail payments in 2023, exceeding the BSP target of 50 percent. The total transaction value reached P6.1 trillion.

The BSP aims to increase digital payments to 70 percent of all retail payments in the country by 2028 amid the growing e-commerce industry.

Data from the Association of Southeast Asian Nations show the region’s digital economy could grow from $230 billion by 2026 to $1 trillion by 2035, with additional 125,000 internet users each day.