PHNOM PENH, May 30 (Xinhua) -- The National Bank of Cambodia and the National Bank of Rwanda have jointly announced a cross-border payment cooperation between the two countries, said a joint press release on Saturday.

"This cross-border payment cooperation demonstrates the shared commitment of both central banks to modernizing their payment systems and promoting greater financial connectivity," the press release said.

"It is also expected to further strengthen economic, trade, and tourism relations between Cambodia and Rwanda, while supporting broader regional and international financial integration," it added.

The press release said that by leveraging technological advancements and digital innovation, the partnership seeks to enhance the use of seamless and efficient electronic payment services for the citizens of both nations.

This initiative is implemented under the Memorandum of Understanding (MoU) on Cooperation in Areas of Financial Sector Development between the two central banks, which was signed in 2023.

The MoU established a framework for strengthening cooperation through the exchange of knowledge and experience, with the aim of advancing financial sector development in both countries, according to the press release. ■