Travelex and National Bank of Cambodia Join Forces to Trade Khmer Riel

Travelex and National Bank of Cambodia Join Forces to Trade Khmer Riel

Travelex, a leading global foreign exchange provider, and the National Bank of Cambodia (NBC) have signed an agreement to facilitate the trading of the Cambodian riel (KHR) outside of Cambodia. This partnership marks a significant milestone in the development of Cambodia's financial markets.

Cambodia is one of the fastest-growing economies in Southeast Asia, with a GDP growth rate of 7% in 2019. The country's tourism industry is booming, with over 6 million foreign visitors in 2019. However, the lack of liquidity in the KHR market has made it difficult for businesses and individuals to trade the currency outside of Cambodia.

The partnership between Travelex and the NBC will address this issue by providing a reliable and efficient platform for trading the KHR. Travelex will establish a network of currency exchange outlets in key tourist destinations around the world. Through these outlets, tourists will be able to exchange KHR for other currencies and vice versa.

The partnership will also benefit Cambodian businesses. Exporters will be able to receive payment in KHR and importers will be able to pay for goods and services in KHR. This will reduce the need for businesses to convert their currencies, which will save them time and money.

The partnership between Travelex and the NBC is a win-win for both parties. Travelex will gain access to a new market, while the NBC will be able to promote the use of the KHR internationally. This partnership will also benefit Cambodia's economy by making it easier for businesses and individuals to trade the KHR.

To learn more about how Travelex can help your business manage its foreign exchange risk, schedule a demo today by calling toll-free at (877) 227-7271 or by visiting https://www.fundingo.com/contact-us/.

Comments

Popular posts from this blog

Maximize Your Loan Management with Fundingo Loan Software for Lenders

Fundingo Loan Servicing: A Game-Changing Solution for Private Lenders

Automating Loan Processing with Cloud-Based Solutions