The internationally recognised KHQR and JPQR logo. Supplied
The National Bank of Cambodia (NBC) and the Payments Japan Association (PJA) have signed a memorandum of understanding (MoU) to cooperate on cross-border QR code payments between Cambodian KHQR and Japanese JPQR, with the goal of establishing a framework for cross-border payments between the two countries.
According to an April 25 press release by the NBC, the MoU signing between was intended to facilitate easier and faster cross-border payments between Cambodia and Japan. This cooperation is divided into two phases: Cambodians using local banking apps will be able to scan JPQR codes for payments in Japan, and Japanese nationals will be able to scan KHQR codes for payments in Cambodia.
The NBC has selected ACLEDA Bank Plc. and SathapanaBank as liaison banks for cross-border payment connectivity with Japan. JPQR has chosen NETSTARS as the QR code payment operator on the Japanese side.
“This initiative will support and promote the digital payment ecosystem, enhance transaction security, and simplify cross-border payments, aiming to boost tourism and reduce the need for currency exchange during stays in Cambodia or Japan,” said the NBC release.
It also noted that large and small local merchants who accept KHQR payments in Cambodia or JPQR payments in Japan will benefit by offering more convenient payment options to customers. Furthermore, businesses will be able to manage their operations more efficiently, securely, quickly and cost-effectively.
Overall, cross-border payments will contribute to the growth of trade, investment and especially tourism, thereby supporting the economic development of both countries.
According to the NBC, the MoU is based on a broader national-level cooperation framework which was signed between the NBC and Japan’s Ministry of Economy, Trade, and Industry (METI) in December 2023, under the leadership of Cambodian Prime Minister Hun Manet and Japanese Prime Minister Fumio Kishida. The agreement outlines the collaboration on cross-border QR code payments between the two countries.
“The National Bank of Cambodia and the Japan Payment Service Association have worked closely with public and private sector partners, as well as relevant institutions in both countries, to ensure the successful implementation of cross-border QR code payment interoperability between KHQR and JPQR,” it said.
Phase 1 of the system will be launched in the first half of 2025, in line with the Osaka-Kansai Expo 2025, which will is being held in Osaka, Japan from April 13 to October 13, 2025.
Phase 2 is expected to launch at the end of the year.
As of now, the NBC has launched cross-border payment initiatives with several countries, including Thailand, Laos, Malaysia, Vietnam, China and others, to support key sectors such as tourism, trade and investment.
