Cambodia, Malaysia launch cross-border QR payment link
Cambodia, Malaysia launch cross-border QR payment link
The National Bank of Cambodia (NBC) and Bank Negara Malaysia (BNM), the Central Bank of Malaysia, yesterday launched the cross-border payment system, allowing Cambodian travellers using the Bakong App or M2U KH App of Maybank to scan and pay via the ‘DuitNow’ QR code that is available at over two million merchant outlets across Malaysia.
The official launch of the ‘Cross-border QR payment system between Cambodia and Malaysia’ was presided over by Chea Serey, Governor of NBC, and Dato’ Seri Abdul Rasheed Ghaffour, Governor of BNM, along with Dato’ Khairussaleh Ramli, President and Group CEO of Maybank, at Rosewood Phnom Penh.
Addressing the guests, the BNM Governor highlighted the meeting he had with Prime Minister Hun Manet during his official visit to Malaysia in February this year, where they discussed how the people and businesses of both countries could benefit from an efficient cross-border payment system.
The goal of the newly launched system is to make payments across the border between Cambodia and Malaysia cheaper, faster, more accessible and transparent to all, he stated.
Serey said that the launching of the first phase of this connectivity will allow Cambodian visitors in Malaysia to enjoy a more efficient and secure payment experience by using the Bakong App or M2U KH App to scan and pay at over two million merchant outlets displaying the DuitNow QR of PayNet, the Malaysian national QR payment system, with Khmer riel as the primary transaction currency.
“In the next phase, people from Malaysia will be able to use the mobile banking application of participating commercial banks to scan the KHQR code of merchant outlets in Cambodia which we count as 3.3 million at the moment,” the NBC Governor added.
She emphasised that the service would simplify cross-border transactions, enhance connectivity and foster economic activity between the two nations.
The launching also coincided with the annual bilateral meeting between NBC and BNM.
Serey said, “Introduction of the cross-border QR code payment system will play a crucial role in promoting tourism, boosting trade activities and enhancing financial inclusion for both nationals, signifying the important step toward in realising the vision of ASEAN network of fast, efficient, secure and interconnected retail payment system across the region.”
Both Cambodia and Malaysia have successfully launched cross-border payment projects with other partner countries such as Thailand, Lao PDR, Vietnam, China and South Korea, she added.
Farhan Ahmad, Group CEO of Payments Network Malaysia (PayNet), Shaharuddin Bin Onn, Ambassador of Malaysia to Cambodia, Yim Leat, Deputy Governor of NBC, Khoo Hun Khim, Chief Information Officer of Prince Bank and Anthony Chin, CEO of Vattanac Bank, were present on the occasion.
Speaking to Khmer Times, Farhan explained that PayNet, as the national payments network of Malaysia, provides the infrastructure connecting banks, merchants and e-wallets to facilitate real-time payments.
“In Malaysia, PayNet is the network for domestic debit cards, bill payments, online payments, QR payments, and account-to-account transfers,” the PayNet Group CEO added.
The cross-border digital service brings convenience, speed and security, making payments easier than ever for Cambodians travelling or working in Malaysia.
