In a groundbreaking announcement, Travelex, the renowned foreign exchange brand, has unveiled a significant collaboration with the National Bank of Cambodia, marking a monumental moment for the Cambodian Riel (KHR).
Travelex’s latest venture will enable travelers passing through Singapore’s Changi Airport to seamlessly exchange Cambodia’s national currency, the Khmer Riel, further solidifying its presence in one of Asia’s most prominent financial hubs.
This strategic move by Travelex represents the very first opportunity for the Khmer Riel to be traded alongside other currencies in Singapore, a momentous development that underscores the currency’s growing international recognition and utility.
Furthermore, this strategic collaboration sets the stage for potential future involvement of Ripple and its digital asset, XRP, in the Cambodian market.
Travelex’s partnership with Ripple dates back to August of the previous year when the company initially engaged with RippleNet’s On-Demand Liquidity (ODL) to enhance cross-border payments between enterprises using XRP in Brazil.
With this latest move, Travelex is taking a significant leap forward in yet another part of the world, possibly paving the way for Ripple and XRP to enter the Cambodian market in the future, with the support of such ambitious partners.
Notably, Asia holds a unique position on Ripple’s strategic map, and the company is continually expanding its network of partners in this dynamic and rapidly evolving region.