Cambodia and Malaysia have officially announced a cross-border payment project using QR Code technology. The initiative aims to provide Cambodian tourists and investors with more efficient and secure payment methods while in Malaysia.
The National Bank of Cambodia (NBC) and the Central Bank of Malaysia officially launched the cross-border QR Code payment system between the two countries on September 19.
The Phnom Penh launch ceremony was presided over by NBC governor Chea Serey and her Malaysian counterpart Abdul Rasheed Ghaffour.
According to the NBC, the project is being implemented in two phases.
As the first phase is now complete, Cambodian citizens can now make payments for goods and services in Malaysia by simply scanning the DuitNow QR Code displayed by merchants using the Bakong or Maybank mobile apps.
At the completion of the second phase, Malaysian citizens will be able to make payments for goods and services to Cambodian merchants while in Cambodia.
Serey explained that the cross-border payment initiative provides convenience, speed and security for Cambodians making cross-border transactions when travelling to Malaysia.
Cambodian citizens holding riel accounts can make payments using Khmer riel (KHR) as the base currency, while the settlement currency will be the Malaysian ringgit (MYR).
“This project will play a significant role in promoting trade and financial activities between the two countries, demonstrating a key step towards achieving the ASEAN Economic Community’s vision for interconnected retail payment systems that are fast, efficient and secure,” she added.
Rasheed Ghaffour emphasised that the connection of QR Code payment systems will enable faster and more efficient cross-border transactions between the two countries.
Cambodia also has similar arrangements with Thailand, Vietnam, Laos, China and South Korea.
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Source: The Phnom Penh Post
September 25, 2024
