Customers will be able to both buy and sell Cambodian Riel at Changi Airport, in exchange for a wide range of currencies including Singaporean Dollar, US dollar, Australian Dollar, European Euro, and Japanese Yen.
Travelex’s investment in the Khmer Riel, and its decision to trade the currency in one of Asia’s most prominent financial hubs, represents a key development for the currency. Travelex’s trading means the Riel is now available to be traded with other currencies in Singapore for the first time, as per the press release.
Cambodia’s efforts to increase the impact of its currency
In recent years, the Cambodian central bank has been working to promote the Riel a means of improving its monetary policy effectiveness to ensure sustained economic growth and stability. Earlier in 2023 the National Bank of Cambodia also announced an expansion of the Riel’s use in international markets by connecting the bank’s blockchain based Bakong payment system to other central banks and major commercial payment system providers following a successful payment system integration with Thailand.
The announcement also comes just weeks after the National Bank of Cambodia and the Monetary Authority of Singapore (MAS) entered a Memorandum of Understanding to jointly create a Financial Transparency Corridor initiative, which aims to establish digital infrastructure to facilitate trade and cross-border related financial services between SMEs in Singapore and Cambodia.
Commenting on this development, officials from Travelex said they’re happy to be supporting Cambodia’s national currency and wider economy by enabling the exchange of Riels at Changi Airport. Providing Riel at Changi will, first and foremost, afford travellers travelling both to and from Cambodia greater convenience in exchanging Riel.
What does Travelex do?
Founded in 1976, Travelex has grown to become a specialist provider of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. They have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls, and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and they also process and deliver foreign currency orders for major banks, travel agencies, supermarkets, and hotels worldwide. In addition, they source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. The company also offers a range of remittance and international money transfer products around the world.
