Cambodia is strengthening its role in Southeast Asia’s digital payments sector by expanding cross-border QR code payment connections with five ASEAN member states: Lao PDR, Malaysia, Singapore, Thailand and Vietnam.
The initiative is led by the National Bank of Cambodia (NBC) through the Bakong payment system and the KHQR standard. It enables Cambodian citizens and international travellers to make instant cross-border retail payments in local currencies by scanning standard QR codes within partner countries’ payment networks.
Cambodia currently has bilateral QR payment links with five ASEAN countries, putting it level with Singapore and behind Thailand in regional digital payment connectivity, and highlighting its growing role as a digital payment hub in Southeast Asia.
In a message marking the 59th ASEAN Day, the ASEAN Secretariat said cross-border QR payment connectivity was making everyday financial transactions more convenient for people, tourists, merchants and small and medium-sized enterprises across the region.
The ASEAN Secretariat said: “The continued expansion of payment connectivity reflects ASEAN’s commitment to developing inclusive, user-centred payment solutions to promote inclusive growth and strengthen economic participation across the region.”
It added: “As we approach the 59th ASEAN Day, this achievement shows that ASEAN’s digital future focuses on creating practical connections that people can benefit from and use in their daily lives.”
Financial authorities said interoperable payment systems would help reduce reliance on traditional currency exchange, lower transaction costs for cross-border trade and improve tourism competitiveness through faster, more convenient and safer payments. As ASEAN continues to promote regional financial integration, Cambodia’s expanding QR payment network is expected to support further growth in regional trade, travel and digital economic cooperation. By: KPS99TV
