Southeast Asia Information Harbor (www.dnyxxg.com) – The National Bank of Cambodia (NBC) recently announced a major development, formally establishing bilateral cross-border payment cooperation with Singapore, Japan, and India. The aim is to promote more efficient and convenient seamless transactions within the region through QR code payment technology. This move marks a significant milestone for Cambodia in promoting cross-border financial connectivity.
According to a report released by the National Bank of Cambodia, this new plan builds on a solid existing foundation. Cambodia has already successfully achieved the second phase of QR code cross-border payment interoperability with UnionPay International (UPI) and Malaysia. Furthermore, Memoranda of Understanding have been signed with the Philippines and Indonesia, laying the groundwork for future cooperation.
The report explicitly states that the National Bank of Cambodia plans to gradually open cross-border payment channels with Singapore, Japan, and India in the near future. This will greatly expand the payment options for Cambodian users overseas and also facilitate spending by tourists from these countries in Cambodia.
The cross-border payment project adopts a phased implementation strategy to ensure the smooth operation of the system and a positive user experience. In the first phase, Cambodian users can make payments by scanning QR codes in partner countries; in the second phase, users in partner countries can use QR code payment services within Cambodia.
To further enhance the security and efficiency of cross-border payments, the National Bank of Cambodia issued specific guidelines in May of this year, requiring all relevant financial institutions to strengthen their ability to promptly handle cross-border payment disputes, thereby effectively protecting consumers' legitimate rights and interests.
National Bank of Cambodia Governor Chea Si Rae stated, “The rapid expansion of the cross-border payment network and the increased usage of the riel complement each other. This series of measures will further consolidate Cambodia's digital financial ecosystem and inject new vitality into the country's digital economic transformation.”
