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October 14, 2024

Malaysia and Cambodia Launch Cross-Border QR Payments Connectivity

digital payments
digital payments
October 14, 2024

The central banks of Malaysia and Cambodia have launched a cross-border quick response (QR) payment linkage, enabling consumers and merchants to make instant mobile payments. This initiative, supported by a Memorandum of Understanding (MoU) between Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC), will benefit over 5 million merchants, mainly small businesses, in both countries. In its first phase, Cambodian users can make payments in Malaysia by scanning DuitNow QR codes using mobile apps from participating institutions. In the second phase, Malaysian travelers will be able to pay in Cambodia by scanning KHQR codes.

BNM Governor Abdul Rasheed Ghaffour highlighted the initiative's potential to enhance regional economic activities through efficient QR payments. NBC Governor Dr. Chea Serey emphasized that the linkage would promote greater financial inclusion efforts and contribute to the creation of a secure and interconnected retail payment system across ASEAN. The Government of Malaysia has also linked their cross-border payments with Indonesia, Singapore and Thailand. Cambodia is currently linked with Thailand, Vietnam, Laos, China and South Korea.

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