PHNOM PENH (Xinhua): The National Bank of Cambodia (NBC)has launched the Cambodian Shared Switch (CSS), a new interbank payment system allowing customers to transfer and withdraw money among participating banks and financial institutions.
The central bank's deputy governor Chea Serey said the CSS is designed to provide interconnectivity and interoperability among CSS members, allowing their cardholders to use the automated teller machines (ATMs) of other participating banks and financial institutions.
"The development of CSS is another new initiative of the NBC to facilitate payment transactions through payment cards, enabling customers to execute a range of financial operations, using payment cards at ATMs and point-of-sale (POS) machines," she said at the launching event.
The CSS allows for various types of transactions in riel and U.S. dollar including the payment of goods and services, cash withdrawal, interbank fund transfer and balance inquiry, with a set service fee for each transaction.
"I hope the CSS system will provide more options to customers, reduce cash circulation in the market, enhance efficiency of payment service, and contribute to the development of Cambodia's digital economy," Serey said.
The Southeast Asian country has 58 commercial banks, nine specialized banks, and 86 microfinance institutions, with a total of 2,614 headquarters and branches as well as 3,998 ATMs, the central bank said.
There are some 3.5 million credit accounts and 13.2 million deposit accounts at the country's banks and microfinance institutions, it added. - Xinhua
