Kuala Lumpur: H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC), and Dato' Seri Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia (BNM), have launched the second phase of the cross-border QR payment linkage between Cambodia and Malaysia. This development took place on April 8 in Kuala Lumpur during the ASEAN Finance Ministers' and Central Bank Governors' Meetings.
According to Agence Kampuchea Presse, the expanded system allows Malaysian travellers to pay Cambodian merchants effortlessly by scanning KHQR using mobile payment apps from participating financial institutions. Conversely, Cambodian travellers in Malaysia can continue utilizing the Bakong application to make payments by scanning Malaysia's DuitNow QR, a feature that was introduced in the initial phase.
The linkage is set to benefit over seven million local merchants across both countries by providing access to a broader customer base, thus generating economic benefits. Travellers can enjoy instant cross-border payments through native payment applications with ease.
BNM Governor Dato' Seri Abdul Rasheed Ghaffour emphasized that financial integration within ASEAN is becoming tangible. He remarked that Malaysia, under its ASEAN chairmanship, is committed to enhancing regional payment connectivity. This phase of the QR payment linkage is expected to benefit many ASEAN small businesses and individuals by facilitating instant cross-border QR payments. He added that efforts will continue to expand reach with regional and international partners to create an inclusive and safe payment connectivity network.
NBC Governor H.E. Dr. Chea Serey highlighted that this advancement simplifies cross-border payment transactions and unlocks potential in tourism, financial inclusion, and regional integration. The initiative is seen as a bridge linking cultures, economies, and people, demonstrating a commitment to using technology for resilient and inclusive growth. This ensures that even the smallest merchants in Cambodia or Malaysia can engage in the global digital economy.
BNM and NBC collaborated with local partners, including Maybank as the sponsoring and settlement bank, Payments Network Malaysia (PayNet), and participating financial institutions, to establish the bilateral QR payment linkage. This initiative also aligns with the G20 Roadmap for Enhancing Cross-border Payments and supports Malaysia's ASEAN Chairmanship priorities under the theme "Inclusivity and Sustainability."