NBC governor Chea Serey shakes hands with Ken Saito, Japan’s minister of economy, trade and industry on December 18. STPM
Cambodia and Japan have strengthened their relationship through the adoption of a cross-border payment system using a unified QR code. The initiative is set to enhance tourism, trade and investment between the two nations.
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Chea Serey, governor of the National Bank of Cambodia (NBC), and Ken Saito, Japan’s minister of economy, trade and industry, signed a memorandum of understanding (MoU) regarding “Unified QR Code-Based Payment” on December 18 on the sidelines of the ASEAN-Japan commemorative summit in Tokyo.
The signing ceremony was witnessed by Prime Minister Hun Manet and his Japanese counterpart Fumio Kishida.
“The MoU aims to establish a clear framework for collaboration to promote widespread adoption of cross-border payment systems using convenient, secure and efficient QR code technology. The cooperation framework will also help increase local currency in circulation and boost tourism between the two countries,” stated the NBC.
Serey shared her honour in participating in the bilateral meeting between the prime ministers, marking the 50th anniversary of the ASEAN-Japan relationship and the 70th anniversary of Cambodia-Japan diplomatic relations, in a December 18 social media post.
“I also had the opportunity to exchange an MoU with [Saito] on QR code payment connectivity between Cambodia and Japan,” she said.
Serey revealed plans to extend cross-border payment and transfer connections to China, Singapore and India within the year, during the Financial Technology (fintech) Development Policy 2023-28 event last October.
She highlighted the central bank’s introduction of the blockchain-based Bakong system, which facilitates transactions between financial institutions using QR code and serves over 10 million users.
“Bakong has streamlined our domestic banking infrastructure and revolutionised international transactions,” she stated.
Serey noted that the country has already established cross-border payment connections with Thailand, Laos and Vietnam.
The Bakong interbank payment system, developed by Japanese blockchain company Soramitsu Co Ltd, was launched on October 28, 2020.
Sanzhar Abdullayev, chief card and e-payment officer at ABA Bank, recently told The Post that the platform has significantly impacted financial inclusion, providing a secure and convenient foundation for domestic and international transactions.
“We are optimistic about its further development,” he added, noting that the bank joined the project in August 2020.
They have since observed a steady growth in Bakong transactions through their institution, he said.
According to the central bank, Bakong processed 50 million transactions during the first half of 2023, with a total value exceeding $10 billion. For comparison, there were 32 million transactions in 2022, amounting to the same total.
