Chea Serey (right), governor of the National Bank of Cambodia (NBC), and Dato' Seri Abdul Rasheed Ghaffour, her Malaysian counterpart, demonstrate the accessibility of the new system. NBC
The National Bank of Cambodia (NBC) and their Malaysian counterparts the Bank Negara Malaysia (BNM) officially launched Phase 2 of their cross-border QR payment system on April 8. The system aims to expand cross-border payment facilities for the citizens of both countries.
The official launch event took place under the presidency of Chea Serey, NBC governor, and Dato’ Seri Abdul Rasheed Ghaffour, BNM governor, during the ASEAN Finance Ministers' and Central Bank Governors' Meetings in Kuala Lumpur, Malaysia.
According to the NBC, the launch is expected to enhance cross-border payment options, particularly for Malaysians travelling to Cambodia, providing them with a fast and convenient payment experience through the use of Malaysian mobile banking apps, which will be able to scan Cambodian QR codes.
The same is true for Cambodians visiting Malaysia.
The NBC shared that more than seven million local merchants in both Cambodia and Malaysia will have access to a broader market, offering economic benefits for both countries.
Dato' Seri Rasheed remarked that greater financial integration within ASEAN is now becoming more of a reality.
“In line with Malaysia's ASEAN chairmanship, we are pleased to advance the vision of enhanced payment connectivity within the region through the latest phase of this QR payment linkage,” he said.
“Many ASEAN small businesses and individuals are set to reap the benefits of instant cross-border QR payments. We will continue to widen reach with regional and international partners to foster an inclusive and safe payment connectivity network,” he added.
Serey outlined the ways that the system not only simplifies cross-border payments but also unlocks immense potential in three main areas.
“First, tourism, by offering Malaysian travellers frictionless payments in Cambodia. Second, financial inclusion, by connecting SMEs and individuals to a broader economic network, and third, regional integration, by advancing ASEAN's vision of a digitally interconnected community,” she explained.
“This initiative is more than a technical achievement – it is a bridge between cultures, economies and people. It embodies our commitment to harnessing technology for resilient and inclusive growth, ensuring that even the smallest merchant in Cambodia or Malaysia can participate in the global digital economy,” she added.
The BNM and the CBD have closely collaborated with local partners in both nations to develop the system. Partners in the initiative include Maybank and PayNet.
