Central Bank Aims to Boost Khmer Riel Use and Improve MSME Access to Affordable Credit via Digital Transformation
PHNOM PENH, Cambodia – The National Bank of Cambodia (NBC) and the United Nations Development Programme (UNDP) in Cambodia formalized a critical partnership by signing a Memorandum of Understanding (MoU) on December 9, 2025.
The signing ceremony took place at the Preah Srey Içanavarman Museum (SOSORO), witnessed by H.E. Dr. Chea Serey, Governor of the NBC, and Ms. Kanni Wignaraja, UN Assistant Secretary-General and UNDP Regional Director for Asia and the Pacific.
This strategic MoU aims to significantly strengthen collaboration across three high-priority areas: financial inclusion, sustainable finance, and digital financial transformation in Cambodia.
I. Strengthening Financial Inclusion and the National Currency
Promoting Khmer Riel Use and Financial Literacy
Under this partnership, the NBC and UNDP will actively cooperate on initiatives designed to promote the Khmer Riel (KHR) and enhance financial knowledge:
- Wider KHR Use: The program will encourage the wider use of the Khmer Riel through a phased approach involving KHR-based wage payments.
- Financial Literacy: Joint initiatives will increase financial literacy across the population, ensuring more citizens understand and use formal financial services.
II. Advancing Green and Sustainable Finance
Developing Cambodia’s Sustainable Finance Taxonomy
A key component of the collaboration involves tackling climate change through finance. The partners will work to advance climate and sustainable finance by:
- National Taxonomy: Developing and implementing a national sustainable finance taxonomy. This framework will define and classify investments that contribute to environmental and social goals.
- ESG Integration: Establishing robust Environmental, Social, and Governance (ESG) frameworks to guide financial institutions in making responsible investment decisions.
III. Digital Transformation for MSMEs
Universal Trusted Credentials (UTC) for Credit Access
The most transformative digital initiative is the operationalization of the Universal Trusted Credentials (UTC) platform: .
- Verified Digital Profile: The UTC platform will create a verified digital profile of enterprises using authoritative, official data.
- Efficient Credit Assessment: This system helps financial institutions assess creditworthiness more efficiently, thereby streamlining the loan application process.
- Affordable Financing: Ultimately, the UTC platform seeks to improve access to affordable financing for Micro, Small, and Medium-sized Enterprises (MSMEs), boosting their growth and contribution to the national economy.
Following the event, the delegation visited the SOSORO museum, exploring Cambodia’s rich economic and monetary history.
