The National Bank of Cambodia organized the official launch of Cambodian Shared Switch (CSS) on July 4, 2023, presided over by H.E. Dr. Chea Serey, Deputy Governor of the National Bank of Cambodia, and accompanied by representatives from The Association of Banks in Cambodia and The Cambodia Microfinance Association.
The CSS was created to provide a convenient method for banks and financial institution customers to execute interbank payment transactions on all ATMs and POS terminals using their CSS debit cards. The official launch of CSS will give customers more options for making payments across institutions, increase the transparency of electronic payments, reduce money in circulation, increase the efficiency with which financial resources are used, and contribute to the development of the digital economy in accordance with government policies and regional integration.
Mr. CHAR Sopheap, Chairman of the Payment Committee at the Association of Banks in Cambodia, stated in his welcome remarks that the Cambodian Shared Switch (CSS) system is being launched in response to the Financial Sector Development Strategy 2016-2025, which will contribute to the promotion of digital payments, reduce cash consumption, increase transparency in banking and finance, and promote sustainable and inclusive economic growth. He went on to say that adapting to the advancement of digital technology in the banking sector is a top agenda for the association and its members.
“The Association of Banks in Cambodia (ABC) as well as the Payment Committee took care to facilitate and encourage banking and financial institutions to participate in the CSS system and received permission from the National Bank of Cambodia (NBC), ABC has participated in the development of the CSS system to alight with the international standards,” he added.