Khmer Times News: After six months of launching the first phase, the National Bank of Cambodia (NBC) and the Bank Negara Malaysia (BNM) yesterday officially launched the second phase of their cross-border payment linkage, allowing travellers to make payments by scanning QR codes using the Bakong and DuitNow applications.​​​​​​​​​​​​​​​​​​​​​​​​​​​​

The ‘Cross-border QR Payment Linkage between Malaysia and Cambodia – Phase 2’ was presided over by  H.E. Dr.Chea Serey, Governor of NBC, and Dato’ Seri Abdul Rasheed Ghaffour, Governor of BNM, in Kuala Lumpur, Malaysia.

Addressing the ceremony, the BNM Governor said, “Greater financial integration within ASEAN is now becoming more of a reality. In line with Malaysia’s ASEAN chairmanship, we are pleased to advance the vision of enhanced payment connectivity within the region through the latest phase of this QR payment linkage.”

Ghaffour added that many ASEAN small businesses and individuals are set to reap the benefits of instant cross-border QR payments. We will continue to widen our reach with regional and international partners to foster an inclusive and safe payment connectivity network.

Serey highlighted that this advancement not only simplifies cross-border payment transactions but also unlocks immense potential for mutual benefits.

Firstly, it enhances the tourism sector by providing Malaysian travellers with seamless payment options while visiting Cambodia. Secondly, promote financial inclusion by connecting small and medium-sized enterprises (SMEs) and individuals to a wider economic network. Thirdly, it also contributes to regional integration by furthering ASEAN’s vision of a digitally interconnected community. Serey continued, “This initiative is more than a technical achievement – it is a bridge between cultures, economics and citizens.”

“It embodies our commitment to harnessing technology for resilient and inclusive growth, ensuring that even the smallest merchants in Cambodia or Malaysia can participate in the global digital economy,” she added.

According to a joint press release, Malaysian travellers can now seamlessly pay Cambodian merchants by scanning KHQR using native mobile payment applications of participating financial institutions. Meanwhile, Cambodian travellers to Malaysia can continue to make payments using the Bakong application by scanning the DuitNow QR code.

NBC and BNM collaborated closely with local partners to enable the bilateral QR payment linkage. These partners included Maybank as the sponsoring and settlement bank, Payments Network Malaysia (PayNet) and participating financial institutions from both nations. The bilateral QR payment linkage also aligns with the Group of 20 roadmap for enhancing cross-border payments and supports Malaysia’s ASEAN Chairmanship priorities.

It should be noted that on September 19, 2024, Serey and Ghaffour launched Phase One of the cross-border payment system in Phnom Penh. This phase allowed Cambodian travellers to use the Bakong App or Maybank’s M2U KH App to make payments via the DuitNow QR code, which is accepted in over 2 million locations across Malaysia.