In a significant step towards enhancing regional financial integration, Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) today announced the launch of a cross-border QR payment linkage between Cambodia and Malaysia. This initiative enables consumers and merchants in both countries to make and receive instant payments through QR codes, marking a milestone in Southeast Asia’s digital payment landscape.
The project is part of a broader collaboration between the two nations that began with the signing of a Memorandum of Understanding in February 2024, witnessed by the Prime Ministers of Malaysia and Cambodia. The memorandum was aimed at strengthening cooperation in payment systems and fostering innovation in digital financial services. Today’s launch represents the completion of the first phase of this payment connectivity initiative.
In the initial phase, Cambodian users are now able to make retail payments in Malaysia by scanning DuitNow QR codes, which are widely displayed by merchants across the country. This payment capability is accessible through popular mobile applications like Cambodia’s Bakong app and Maybank M2U KH app.
The successful implementation of this initiative is the result of collaboration between multiple stakeholders, including the NBC, Payments Network Malaysia Sdn. Bhd. (PayNet), Maybank as the sponsoring and settlement bank, as well as participating financial institutions from both Cambodia and Malaysia.
Phase two of the project is set to roll out soon, allowing Malaysian travelers in Cambodia to make seamless payments to local merchants by scanning the KhmerQR (KHQR) codes through participating mobile payment apps.
The cross-border QR payment linkage is expected to benefit over five million merchants in both Cambodia and Malaysia, many of whom are small businesses. By providing access to a wider customer base, this initiative is poised to boost trade, support tourism, and stimulate economic growth across both nations.
BNM Governor Dato’ Seri Abdul Rasheed Ghaffour highlighted the significance of this collaboration, stating, “This collaboration brings us closer to realising the vision of an interconnected and seamless retail payment ecosystem between Cambodia and Malaysia. By linking the national QR codes, cross-border transactions between our two countries will be faster and more efficient, offering significant benefits to millions of individuals and businesses in both countries. This initiative will not only support the broader digital economy agenda but also boost economic activities across the region by leveraging on the convenience and efficiency of QR payments. We remain committed to driving greater economic and financial integration within ASEAN, in close collaboration with regional partner by advancing safe and secure digital financial services.”
NBC Governor H.E. Dr. Chea Serey echoed these sentiments, stating, “Today’s event marks a significant achievement, reflecting the strong cooperation between the central banks and our partners from both countries. This cross-border payment initiative will play a crucial role in boosting trade activities and advancing financial inclusion in both nations, signifying an important step towards realising the vision of an ASEAN network of fast, efficient, secure and interconnected retail payment systems across the region.”
The cross-border QR payment linkage is a pivotal part of the Regional Payment Connectivity initiative, which seeks to advance regional financial integration and foster inclusive economic development across ASEAN. By simplifying transactions and enabling easier access to financial services, the partnership between Cambodia and Malaysia demonstrates a shared commitment to driving digital innovation in the region.
