SINGAPORE, 19 October 2023: Travelex, a foreign exchange brand, 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, a major aviation hub in Asia and gateway to Cambodia. Both Cambodia Angkor Air and Cambodia Airways fly routes from Changi to airports in Cambodia.
Customers will be able to both buy and sell Cambodian Riel at Changi in exchange for a global set of currencies.
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.
In recent years, the Cambodian central bank has been working to promote the Riel to improve monetary policy and 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 SMEs in Singapore and Cambodia.
Travelex Asia commercial director Dragon Wang commented: “Providing Riel at Changi will, first and foremost, afford travellers travelling to and from Cambodia greater convenience in exchanging Riel than ever before. We are also proud to play our part in Cambodia’s journey in raising the Riel’s impact and availability.”
About Travelex
Founded in 1976 and headquartered in the UK, Travelex offers the entire value chain of foreign exchange services. It has more than 1,100 stores and 900 ATMs in over 20 countries.
