The National Bank of Cambodia (NBC) has significantly broadened its regional financial reach by establishing bilateral QR payment links with five ASEAN partners: Thailand, Vietnam, Singapore, Malaysia, and Lao PDR. By leveraging the Bakong platform and the KHQR system, the kingdom is positioning itself as a central hub for digital payments within Southeast Asia.
This digital infrastructure enables both Cambodian residents and international visitors to conduct retail transactions instantly. By scanning standardized QR codes, users can complete payments in their local currencies across the participating networks. This development places Cambodia on par with Singapore in terms of regional integration, trailing only Thailand in the number of active bilateral connections.
According to the ASEAN Secretariat, which highlighted the initiative during the 59th ASEAN Day, these connections are designed to simplify financial interactions for tourists, merchants, small businesses, and the general public. The Secretariat noted that the expansion demonstrates a regional commitment to user-centric solutions that promote economic participation.
Financial officials stated that the interoperable system offers several advantages, including reduced dependency on conventional foreign exchange processes and lower transaction fees for cross-border trade. Furthermore, the initiative is expected to enhance the region's overall competitiveness in the tourism sector.
Source: Khmer Times
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