The National Bank of Cambodia (NBC) and Bank Negara Malaysia (BNM), the Central Bank of Malaysia, on Sept. 19 launched the cross-border QR payment between Cambodia and Malaysia, with Maybank serving as the sponsoring and settlement bank.
The launching ceremony was held in the presence of H.E. Dr. Chea Serey, NBC Governor, and Dato’ Khairussaleh Ramli, President and Group Chief Executive Officer of Maybank, and Mr. Farhan Ahmad, Group Chief Executive Officer of PayNet, as well as participations from relevant parties.
This QR code payment connectivity will allow Cambodians to enjoy a more efficient and secure payment experience by using their Bakong app and M2U KH app to scan and pay at over two million merchants displaying DuitNow QR, Malaysia’s national QR code, including at restaurants, malls, hospitals, and other outlets.
This extensive acceptance network ensures that Bakong and M2U KH users can enjoy a smooth and convenient payment experience across various establishments in Malaysia.
In the initial p
hase of this connectivity, users of the Bakong app and Maybank M2U KH app will be able to make retail payments in Malaysia using DuitNow QR. Transactions will be made using Khmer Riel (KHR) as the source currency, while the transaction currency will be Malaysian Ringgit (MYR).
The service supports in-person payments through the scanning of DuitNow QR displayed by merchants in Malaysia.
This cross-border payment service will offer convenience, speed, and security, making cross-border payments more accessible than ever for Cambodians travelling to Malaysia.
Speaking at the function, NBC Governor H.E. Dr. Chea Serey said that the event marks a significant achievement, reflecting the strong cooperation between the central banks and their partners from both countries.
‘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, secur
e, and interconnected retail payment systems across the region,’ she said.
This cross-border QR payment linkage has been made possible through the strong collaboration by various industry players from both countries, including Bakong, PayNet, and Maybank as the appointed sponsoring bank and settlement bank.
President and Group Chief Executive Officer of Maybank, Dato’ Khairussaleh Ramli, said that the initiative is also in line with Maybank’s M25+ strategy to strengthen its business presence and position in the region by providing differentiated business and product solutions to the customers, enabled by modernisation of Maybank’s technological platforms and applications across its key markets.
‘The integration of the QR payment system between Cambodia and Malaysia will add a new height to Maybank’s growing network of bilateral payment interdependence that will contribute towards a more dynamic ASEAN and further development of the region,’ he said.
Mr. Farhan Ahmad, Group Chief Executive Officer of PayNet
, said that PayNet is delighted to have Cambodia as its latest ASEAN digital payments partner. From now on, visitors from Cambodia will have more comfort and security to transact using funds from home.
‘By opening up access to over 2 million DuitNow QR merchants in Malaysia to Cambodian visitors, we expect to accelerate and simplify inter-ASEAN tourism and commercial activities,’ he underlined.
In the next phase of this cross-border payment initiative, the linkage will not only allow Cambodian payment systems to be used in Malaysia, but also enable Malaysian systems to operate in Cambodia.
This will allow Malaysians travellers in Cambodia to make payment for purchases by scanning KHQR codes displayed by Cambodian merchants.
This development will boost cross border commerce and empower Cambodian merchants, particularly small businesses, to access a broader customer base from Malaysia, consequently driving trade, promoting tourism and fostering economic growth of both nations.
Cambodia has successfully lau
nched bilateral cross-border QR code payment cooperation with five partner countries, namely Thailand, Vietnam, Laos, China, and South Korea.
NBC is also expanding this cross-border payment scheme with other countries in the region and partners such as Japan, India, and Singapore.
Source: Agence Kampuchea Presse