Bank Negara Malaysia and the National Bank of Cambodia have launched a cross-border QR payment linkage, allowing instant payments between the two countries. This initiative, which began with a memorandum signed in February 2024, aims to enhance trade, boost tourism, and promote financial inclusion for millions of merchants.
19 September 2024 – Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) have officially launched a cross-border QR payment linkage that enables instant payments between Cambodia and Malaysia. This initiative, celebrated today, allows consumers and merchants to seamlessly make and receive QR payments, enhancing transaction efficiency in both countries.
The project commenced with a Memorandum of Understanding signed in February 2024, aimed at fostering cooperation in payment systems and innovation. The linkage will be implemented in two phases, with today marking the completion of the first phase. During this initial phase, Cambodian users can make instant retail payments in Malaysia by scanning DuitNow QR codes through mobile payment applications such as the Bakong app and Maybank M2U KH app.
This successful launch was made possible through collaboration among stakeholders from both nations, including NBC, Payments Network Malaysia Sdn. Bhd. (PayNet), Maybank, and various financial institutions. The next phase will enable Malaysian users in Cambodia to make payments using KhmerQR (KHQR) through their local mobile payment apps.
This initiative is expected to benefit over five million merchants, primarily small businesses, by expanding their customer reach. It aligns with ASEAN’s vision for regional financial integration and economic development, driving trade and tourism growth.
BNM Governor Dato’ Seri Abdul Rasheed Ghaffour emphasized the importance of this collaboration, noting its potential to create a more interconnected retail payment ecosystem. Meanwhile, NBC Governor H.E. Dr. Chea Serey highlighted the initiative’s role in boosting trade and advancing financial inclusion, marking a significant step towards a secure and efficient regional payment network.
