The National Bank of Cambodia (NBC) and the Bank of Central African States (BEAC) have signed a memorandum of understanding (MoU) to strengthen financial cooperation, promote digital transformation and expand information sharing between Cambodia and six Central African countries.
The agreement was signed at the NBC headquarters in Phnom Penh on Thursday, with NBC Governor Chea Serey and BEAC Governor Yvon Sana Bangui leading their respective delegations. According to a joint news release cited by Khmer Times, the MoU establishes a framework for cooperation on issues of mutual interest, with a priority action plan for 2027–2028 covering capacity building, financial inclusion, innovation and cybersecurity.
The agreement could also create opportunities for closer engagement between Cambodian and Central African financial institutions, although any future connection between their payment systems remains a potential development rather than a confirmed outcome.
Key Facts
Agreement: Memorandum of understanding on financial cooperation.
Signatories: National Bank of Cambodia and Bank of Central African States.
Key officials: NBC Governor Chea Serey and BEAC Governor Yvon Sana Bangui.
Signing location: NBC headquarters, Phnom Penh.
Priority action plan: 2027–2028.
Cooperation areas: Capacity building, digital transformation, financial inclusion, innovation, cybersecurity and payment-system modernisation.
Central African regional bloc: Economic and Monetary Community of Central Africa (CEMAC).
Potential future opportunity: Greater payment-system connectivity and stronger investment links between Cambodia and Central Africa.
NBC and BEAC Establish Framework for Financial Cooperation
The MoU sets out a general framework for cooperation, experience sharing and information exchange between the two central banks.
During discussions leading to the agreement, the institutions reviewed developments in their respective economies and financial sectors, establishing a basis for identifying shared priorities.
Chea Serey said the cooperation represented an opportunity for Cambodia to strengthen its engagement with Africa and encourage investors from Cambodia and the African region to explore opportunities in each other’s markets.
The agreement reflects an effort to broaden Cambodia’s international financial relationships beyond its established regional connections. Cooperation between central banks can support the exchange of regulatory experience, institutional knowledge and approaches to financial-sector development.
However, the MoU itself does not establish specific investment commitments or guarantee that new cross-border financial services will be introduced.
Six Central African Countries Covered by BEAC
The Bank of Central African States serves as the central bank for the Economic and Monetary Community of Central Africa (CEMAC), a regional economic and monetary bloc.
The six countries identified in the source report are:
Cameroon
Equatorial Guinea
Chad
Central African Republic
Gabon
Republic of the Congo
BEAC issues the Central African CFA franc and supports monetary integration and financial stability across the bloc.
The source report cites a combined population of approximately 67.4 million people across the six countries, representing a substantial regional market for financial services and economic cooperation.
For Cambodia, engagement with BEAC provides an institutional channel for exploring financial-sector relationships with this part of Africa. Potential opportunities could include knowledge exchange, financial technology cooperation and stronger links between businesses operating in the two regions.
The agreement does not, however, establish a new bilateral trade arrangement between Cambodia and each CEMAC member country.
2027–2028 Action Plan to Focus on Digital Transformation and Financial Inclusion
A priority action plan for 2027–2028 will focus on several areas intended to strengthen institutional capabilities and support financial-sector development.
Capacity building: The two central banks can exchange experience and expertise to strengthen technical capabilities and institutional knowledge.
Digital transformation: Cooperation may provide opportunities to share approaches to modernising financial services and applying digital technologies within banking systems.
Financial inclusion: The institutions can exchange experience on improving access to financial services for individuals and businesses that face barriers to conventional banking.
Innovation: Cooperation can support knowledge sharing on emerging financial technologies and approaches to developing modern financial services.
Cybersecurity: The action plan includes cybersecurity, reflecting the importance of protecting digital financial infrastructure as electronic transactions and digital banking services expand.
The MoU also provides for cooperation involving supervision, modernisation and the interconnection of payment systems and methods.
The detailed implementation arrangements, funding commitments and individual project milestones were not specified in the source report.
Could Cambodia’s Bakong System Connect With Central Africa?
One potential area of interest is the possibility of connecting Cambodia’s Bakong payment system with payment infrastructure in the CEMAC region.
Bakong supports Cambodia’s digital payment ecosystem, including transactions using the Cambodian riel and US dollar. Cross-border payment connectivity can make it easier for people and businesses to transfer money and pay for goods and services across participating markets.
If future cooperation leads to compatible payment arrangements between Cambodia and Central African markets, it could eventually create additional options for cross-border payments, including those associated with trade, tourism and remittances.
Such connectivity could also encourage financial institutions and businesses to explore new commercial relationships by reducing friction in payment processes.
However, the MoU does not confirm that Bakong has been connected to BEAC or to payment systems in any CEMAC country. Any future connection would depend on further technical, regulatory and institutional arrangements, including agreement on participating systems and transaction procedures.
For now, payment-system connectivity should be understood as a potential area for cooperation rather than an operational service.
Cambodia Broadens Its International Financial Engagement
The MoU follows other international engagements involving the NBC and BEAC.
According to the source report, Bangui previously led a BEAC delegation to the 28th Conference of Central Bank Governors of Francophone Countries, held in Phnom Penh on May 28–29 and organised by the NBC and the Bank of France. The event brought together 26 central bank governors and financial leaders from Europe, Africa, Asia, the Americas, the Middle East and the Pacific.
Both institutions also participated in the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok from October 12–18.
These engagements provide opportunities for central banks to exchange perspectives on financial stability, monetary policy, digitalisation and international economic developments.
The new MoU formalises a framework for continued bilateral cooperation between NBC and BEAC, potentially creating a basis for more targeted collaboration in the years ahead.
Angkor Times Analysis: From Central Bank Cooperation to Practical Financial Links
The NBC–BEAC agreement is significant because it establishes an institutional framework between Cambodia and a central bank serving six Central African economies. Its longer-term value will depend on whether cooperation progresses from information exchange to practical initiatives that benefit financial institutions, businesses and consumers.
Three areas deserve particular attention.
First, digital payment compatibility could create new opportunities. If the two institutions eventually establish interoperable payment arrangements, businesses and individuals could gain additional ways to conduct cross-border transactions. That outcome would require technical integration, regulatory coordination and agreement on how transactions are processed and settled.
Second, financial-sector knowledge exchange may offer near-term benefits. Capacity building, cybersecurity and financial supervision are areas where central banks can share experience without requiring immediate integration of their payment infrastructure. Progress in these areas could strengthen institutional capabilities and support the resilience of digital financial services.
Third, financial cooperation could help build wider commercial relationships. More efficient payments and stronger institutional links may support trade and investment over time. Nevertheless, the MoU does not itself establish new investment flows, commercial partnerships or payment corridors.
The 2027–2028 action plan will be an important indicator of how the framework develops. Concrete projects, clear implementation milestones and measurable outcomes would help demonstrate whether the agreement translates into lasting cooperation between Cambodia and Central African financial markets.
Frequently Asked Questions
What is the NBC–BEAC MoU?
It is a memorandum of understanding establishing a framework for cooperation, experience sharing and information exchange between the National Bank of Cambodia and the Bank of Central African States.
Which countries are covered by BEAC?
BEAC serves the six CEMAC member countries identified in the source report: Cameroon, Equatorial Guinea, Chad, the Central African Republic, Gabon and the Republic of the Congo.
What will the 2027–2028 action plan cover?
The priority areas include capacity building, digital transformation, financial inclusion, innovation and cybersecurity, alongside cooperation on financial supervision and payment-system modernisation.
Will Cambodia’s Bakong payment system connect with Central Africa?
The possibility of future payment-system connectivity was identified as an area of potential cooperation. The source report does not confirm an operational connection between Bakong and BEAC or CEMAC payment systems.
How could the agreement benefit businesses?
Potential longer-term benefits could include stronger institutional relationships, knowledge exchange and opportunities to develop more efficient cross-border payment arrangements. Specific commercial benefits have not yet been confirmed.
Does the MoU establish new investment commitments?
No specific investment commitments were announced in the supplied report. The agreement establishes a framework for cooperation and information exchange.