KUALA LUMPUR: Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) have launched a cross-border quick response (QR) payment linkage between Cambodia and Malaysia.
According to BNM, consumers and merchants in both countries will be able to make and receive instant cross-border QR payments under this initiative.
BNM said the linkage will be implemented in two phases. In the first phase, Cambodian users will be able to make instant retail payments in Malaysia by scanning DuitNow QR codes displayed by merchants using their mobile payment applications.
"This successful launch of the payment linkage was made possible through the strong collaboration of various stakeholders from both countries, including the NBC, Payments Network Malaysia Sdn Bhd, Maybank as the sponsoring and settlement bank, as well as participating financial institutions from both countries," it said in a statement today.
In the second phase, BNM said Malaysian users travelling to Cambodia will be able to make seamless payments to Cambodian merchants by scanning KhmerQR (KHQR) codes using the mobile payment applications of participating financial institutions.
"The QR payment linkage will enable over five million merchants in Cambodia and Malaysia, mostly small businesses, to reach a wider customer base from both countries,” the statement added.
BNM noted that this initiative will drive trade, boost tourism and promote economic growth in both nations.
"This milestone also reflects ASEAN’s collective vision and the objectives of the Regional Payment Connectivity initiative for greater regional financial integration and inclusive economic development,” it said.
BNM Governor Datuk Seri Abdul Rasheed Ghaffour said the initiative would not only support the broader digital economy agenda but also enhance economic activities across the region by leveraging the convenience and efficiency of QR payments.
"We remain committed to driving greater economic and financial integration within ASEAN, in close collaboration with regional partners, by advancing safe and secure digital financial services,” he said.
Meanwhile, NBC Governor Dr Chea Serey said the cross-border payment initiative would play a crucial role in boosting trade activities and advancing financial inclusion, marking an important step towards realising the vision of an ASEAN network of fast, efficient, secure, and interconnected retail payment systems across the region.- Bernama
