Southeast Asia Information Port News (www.dnyxxg.com) – On December 19th, the National Bank of Cambodia (NBC) and the Central Bank of Laos (BOL) jointly held a ceremony in Phnom Penh to announce the official launch of the second phase of their cross-border QR code payment project. This marks the formal realization of two-way interconnection between the cross-border payment systems of Cambodia and Laos.
Laos citizens traveling to Cambodia can directly use the mobile banking applications of their own banks and financial institutions to scan the KHQR QR codes of merchants in Cambodia to complete payments. The launch of this function eliminates the need for tourists to carry large amounts of cash or engage in cumbersome currency exchange, significantly improving the convenience and security of payments.
The launch ceremony was jointly presided over by Chea Silay, Governor of the National Bank of Cambodia, and Bounkham Vorath, Governor of the Central Bank of Laos.
In her speech, Governor Chea Silay highly praised the milestone significance of the project. She pointed out that cross-border payments are not only a breakthrough in financial technology but also an important bridge connecting the economies, cultures, and people of the two countries. This initiative will significantly enhance bilateral economic connectivity, boost tourism, and deeply contribute to the ASEAN regional economic integration process.
Bank President Bounkham Voraji emphasized that the system is a strategic achievement resulting from close collaboration between the two banks. The system supports direct settlement using local currencies (Riel and Kip), perfectly aligning with ASEAN's vision of promoting local currency settlement and integration. Through digital innovation, both parties are committed to addressing the pain points of traditional payment models and ensuring transparent and smooth cross-border capital flows.
Previously, the first phase of this cooperative project was successfully launched on August 18, 2023. In the first phase, Cambodian Bakong payment system holders and related bank account holders were able to make payments to local merchants by scanning Lao LAOQR QR codes.
With the official launch of the second phase today, the Cambodia-Laos cross-border payment system has completed its "closed-loop" construction. Lao citizens can now enjoy the same convenient digital payment experience when making purchases in Cambodia. This initiative not only optimizes cross-border financial infrastructure but also sets a model for promoting digital financial cooperation within the ASEAN region.
