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Malaysians in Cambodia can now pay for goods and services by scanning a KHQR code after both nations’ central banks launched Phase 2 of the QR payment link between the two countries on Tuesday (April 8).
Meanwhile, Cambodians in Malaysia can continue to make payments using the Bakong application by scanning Malaysia’s DuitNow QR, a capability launched in the first phase.
More than 7m people in Malaysia and Cambodia will gain access to a wider customer base and travellers can also enjoy instant cross-border payment through native payment applications, Bank Negara Malaysia (BNM) said.
BNM Governor Dato’ Seri Abdul Rasheed Ghaffour said many small businesses and individuals would benefit from instant cross-border QR payments.
“This will further deepen financial integration within ASEAN economies," he said, adding that the central bank “will continue to widen reach with regional and international partners to foster an inclusive and safe payment connectivity network”.
National Bank of Cambodia Governor (NBC) Chea Serey praised the agreement, stating that the advance not only simplified cross-border transactions but also unlocked potential for tourism, by offering Malaysian travellers frictionless payments in Cambodia.
“This initiative embodies our commitment to harnessing technology, ensuring that even the smallest merchant in Cambodia or Malaysia can participate in the global digital economy,” he said.
BNM and NBC worked with local partners on the project, including Maybank as the sponsoring and settlement bank, and Payments Network Malaysia (PayNet).
In a further boost to ASEAN cross-border payment cooperation, Cambodia’s central bank has also joined the Regional Payment Connectivity Initiative, bringing the total number of signatories to nine, including the central banks of Indonesia, Malaysia, Philippines. Singapore, Thailand, Vietnam, Brunei and Lao PDR.
The initiative aims to promote faster, cheaper, more transparent and inclusive cross-border payments.
“Participating in the RPC initiative will foster regional economic growth and establish a more interconnected payment system within ASEAN,” said Serey.
