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navigate_nextMedianavigate_nextOur Newsnavigate_nextNBC Selects ACLEDA Bank for Cambodia and Singapore Foster Stronger Trade Ties with Financial Transparency Corridor (FTC)
NBC Selects ACLEDA Bank for Cambodia and Singapore Foster Stronger Trade Ties with Financial Transparency Corridor (FTC)
June 19, 2024
On June 18, 2024, the National Bank of Cambodia and the Monetary Authority of Singapore announced the launch of the Financial Transparency Corridor (FTC) project between Cambodia and Singapore at the Istana in Singapore.
This FTC launch event was presided over by Samdech Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, and His Excellency Lawrence Wong, Prime Minister of Singapore, during his official visit to Singapore on June 18 - 19, 2024.
Small and medium-sized enterprises (SMEs) in Cambodia and Singapore are poised to benefit from a more streamlined and efficient cross-border trade environment. The Financial Transparency Corridor (FTC), established in July 2023 under the supervision of the National Bank of Cambodia and the Monetary Authority of Singapore, is now fully operational in its first pilot phase, powered by Proxtera's digital infrastructure.
The FTC facilitates communication and information exchange between financial institutions (FIs) in both countries, fostering trust and transparency, empowering them to better assess risks and provide enhanced & faster financing for SMEs engaged in cross-border trade.
Mrs. Mar Amara, Acting President & Group Managing Director of ACLEDA Bank Plc., said "ACLEDA Bank Plc. is proud to participate in the start of the Financial Transparency Corridor (FTC) initiative between the National Bank of Cambodia (NBC) and the Monetary Authority of Singapore (MAS). This initiative provides customer choice for small and medium-sized enterprises (SMEs) in Cambodia and Singapore, enabling a more streamlined and efficient cross-border trade environment. SMEs are poised to benefit significantly, gaining opportunities for global network expansion."
