Travelex, a notable FX company and partner to Ripple, has revealed a new collaboration with the National Bank of Cambodia to open trades involving the Khmer Riel (KHR), Cambodia’s currency.
With the trades slated to happen at Changi Airport in Singapore, this marks a historic milestone, as disclosed by The Paypers. It’s the first time the Riel appears in an offering for exchange alongside various other currencies in Singapore.
This partnership could bolster convenience and cost-effectiveness for travelers and businesses seeking to buy or sell the Riel at Changi Airport.
Notably, due to this development, the airport will now enable customers to purchase or sell Riel in exchange for a wide array of currencies, including the US Dollar, Singaporean Dollar, Japanese Yen, and the Euro.
Cambodia Aims to Foster Financial Growth
Interestingly, Travelex’s investment in the Khmer Riel also aligns with the objective of Cambodia’s central bank to facilitate the utilization and influence of its national currency, not only domestically but also on the international scene.
To accomplish this, the central bank has been striving to enhance the efficiency of its policy around money and its stability. One of the significant measures to ensure this was the incorporation of the Riel into global markets.
In a pivotal development, the central bank of Cambodia inked a collaboration with the Monetary Authority of Singapore (MAS) in July.
The partnership aimed to foster international services in finance and trade for businesses, especially SMEs, in Cambodia and Singapore. UnionPay also signed an MOU with Cambodia’s central bank in the same month as the partnership with Singapore.
The Travelex partnership, occurring three months after the Cambodia-Singapore collaboration and the UnionPay MOU, is one of the most recent dabbles by the central bank of Cambodia.
Travelex’s Endeavors with Ripple
Travelex, recognized for its foreign exchange expertise and as a partner of Ripple, continues to make giant strides, seeking to solidify its position in the financial scene.
Travelex leverages RippleNet’s On-Demand Liquidity (ODL) service, now under the tag ‘Ripple Payments,’ to enable rapid and cost-effective cross-border payments utilizing XRP.
The successful launch of the ODL service in Brazil last year allowed customers to send money internationally with remarkable speed using XRP. Travelex has plans to expand its support for additional corridors and employ this service in several use cases in the future.
The ODL service has continued to expand, recently creeping into the Indian market. Ripple is actively contributing to the development of payment solutions that explore the potential of XRP and other digital assets. A report from the firm showed that the service thrived in Q1 2023 despite the banking crisis.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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