Malaysia and Cambodia unite for seamless cross-border QR payments

Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) have launched a cross-border QR payment connectivity, allowing consumers and merchants in both countries to make instant QR payments.

This initiative, which began after a Memorandum of Understanding (MoU) was signed in February 2024, aims to enhance cooperation in payment systems. The signing ceremony was graced by the presence of the Prime Ministers of both countries, highlighting the importance of this initiative in strengthening bilateral ties.

Solidifying the bond through QR Payments

The launch of this payment linkage will unfold in two phases. The first phase is now complete, enabling Cambodian users to make instant retail payments in Malaysia by simply scanning DuitNow QR codes at participating merchants. They can utilize their mobile payment applications, including the Bakong app and Maybank M2U KH app, to facilitate these transactions.

The second phase will allow Malaysian users traveling to Cambodia to make seamless payments by scanning KhmerQR (KHQR) codes with their respective mobile payment apps. This extension of the service is expected to greatly enhance the shopping experience for Malaysian tourists and foster stronger economic ties between the two countries.

Benefits of this initiative

According to BNM Governor Dato’ Seri Abdul Rasheed Ghaffour, this initiative will not only support the broader digital economy agenda but also boost economic activities across the region by leveraging on the convenience and efficiency of QR payments.

This QR payment linkage is set to empower over 5 million merchants across Cambodia and Malaysia, primarily benefiting small businesses that will now have access to a broader customer base. The initiative aims to drive trade, boost tourism, and promote economic growth in both nations, aligning with ASEAN’s vision for greater regional financial integration and inclusive economic development.

“This cross-border payment initiative will play a crucial role in boosting trade activities and advancing financial inclusion in both nations, signifying an important step towards realising the vision of an ASEAN network of fast, efficient, secure and interconnected retail payment systems across the region.”

NBC Governor H.E. Dr. Chea Serey