Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) have successfully launched a cross-border QR payment linkage, allowing consumers and merchants in both countries to make and receive instant cross-border payments. The partnership aims to streamline transactions and boost trade, tourism, and economic growth across Malaysia and Cambodia.

Strengthening Bilateral Cooperation

The initiative is the result of a Memorandum of Understanding (MoU) signed in February 2024 between BNM and NBC to enhance cooperation in payment systems and financial innovation. The MoU was signed under the auspices of the Prime Ministers of both Malaysia and Cambodia. Today marks the completion of the first phase of this cross-border payment connectivity, with further phases to be rolled out in the future.

Phase One: Cambodia to Malaysia

The first phase of the payment linkage enables consumers in Cambodia to make instant retail payments in Malaysia. Cambodian users can scan DuitNow QR codes displayed by merchants, using mobile payment apps such as the Bakong app and Maybank M2U KH app. This development significantly simplifies cross-border transactions and allows Cambodian tourists and businesses to engage more easily with Malaysian merchants.

Future Phase: Malaysia to Cambodia

The second phase of the linkage, expected to be launched soon, will allow Malaysian users traveling to Cambodia to make payments to Cambodian merchants by scanning KhmerQR (KHQR) codes. This will be possible through the mobile payment applications of participating financial institutions in Malaysia.

This seamless cross-border payment system will enhance the experience for tourists and businesses by removing the need for currency exchange and allowing for quicker, more efficient transactions.

Expanding Access for Merchants

This QR payment linkage will enable over five million merchants in both countries, many of which are small businesses, to access a larger and more diverse customer base. This will not only drive trade but also promote tourism, providing a boost to local economies in both nations.

Supporting Regional Integration

BNM Governor Dato’ Seri Abdul Rasheed Ghaffour expressed that the initiative is an important step toward achieving a more interconnected retail payment ecosystem between Malaysia and Cambodia. He highlighted that the linkage will facilitate faster and more efficient cross-border transactions, offering significant benefits to individuals and businesses. Furthermore, it aligns with ASEAN’s collective vision for regional financial integration, driving the digital economy in Southeast Asia.

NBC Governor H.E. Dr. Chea Serey also celebrated the milestone, noting that the cross-border payment initiative will play a key role in boosting trade and advancing financial inclusion in both countries. She emphasized that this move aligns with the vision of an ASEAN network of fast, secure, and interconnected retail payment systems across the region.

Promoting Economic Growth

This cross-border QR payment linkage reflects the growing trend of regional cooperation within ASEAN, aiming to integrate payment systems and foster economic development through the adoption of digital financial services. By linking national QR codes, the initiative will streamline transactions and open up new opportunities for businesses and consumers across both countries.

Source: https://www.bnm.gov.my/-/khqr-pr