Financial Transparency Corridor initiative between Singapore and Cambodia begins with first FIs onboarded

30 July 2024

On 18 June 2024, the Monetary Authority of Singapore (“MAS”) and the National Bank of Cambodia (“NBC”) announced that the first tranche of financial institutions (“FIs”) from Singapore and Cambodia had been onboarded as the Financial Transparency Corridor (“FTC”) initiative began in earnest. This follows from a Memorandum of Understanding signed by MAS and NBC in July 2023.

The FTC is a consent-based digital infrastructure and network between FIs in Singapore and Cambodia that aims to catalyse increased trade and cross-border related financial services between small and medium-sized enterprises (“SMEs”) in the two countries. The ease of accessing data will enable participating FIs to make better credit risk assessments and facilitate greater availability of financing for SME trade.

Subsequent phases of the FTC initiative will increase the deal flow, number of FIs involved, and explore green finance and trade finance, to bolster the trade capabilities of both Singapore and Cambodia.

The MAS press release is available on its website www.mas.gov.sg by clicking here.