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Travelex adds Cambodian Khmer Riel to travel money options
Travel money provider Travelex has partnered with the National Bank of Cambodia to start trading Cambodia’s national currency, the Khmer Riel.
It will be available to buy and sell at Singapore’s Changi Airport.
Travelex will initially be trading Riel at Terminals 2 and 3 of Changi, which is a gateway to Cambodia.
Both Cambodia Angkor Air and Cambodia Airways fly to Cambodia from Singapore Changi.
Customers will be able to buy and sell Cambodian Riel at Changi, in exchange for a wide range of currencies including Singaporean Dollar, US dollar, Australian Dollar, European Euro and Japanese Yen.
Travelex’s decision to trade the currency represents a key development for the currency.
In recent years the Cambodian central bank has been working to promote the Riel to improve its monetary policy effectiveness.
Earlier this year the National Bank of Cambodia connected the bank’s blockchain based Bakong payment system to other central banks and major commercial payment system providers.
It follows a successful payment system integration with Thailand.
The announcement comes just weeks after the National Bank of Cambodia and the Monetary Authority of Singapore (MAS) partnered to jointly create a Financial Transparency Corridor initiative.
It aims to establish digital infrastructure to facilitate trade and cross-border related financial services.
Dragon Wang, Commercial Director, Travelex Asia said: “We’re delighted to be supporting Cambodia’s national currency and economy by enabling the exchange of Riels at Changi Airport.”
“We are also proud to be playing our part in Cambodia’s journey in raising the Riel’s impact and availability.”
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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