Khmer Times News: Cambodia took a decisive step in digital financial integration with the official launch of Phase 1 of the Cross-Border QR Code Payment System with Singapore on Wednesday, coupled with a landmark Memorandum of Understanding (MOU) signed with TenPay Global to deepen digital payment cooperation with China.
The two milestones were presided over by Chea Serey, Governor of the National Bank of Cambodia (NBC), on the sidelines of the Singapore FinTech Festival 2025, the world’s largest gathering of financial-technology leaders in Singapore.
Under the first phase — ‘Cambodia Scans QR Codes in Singapore’ — Cambodian travellers can now make real-time payments in Khmer Riel from their local bank accounts by scanning RoamQR codes displayed at SGQR-enabled merchants across Singapore. Transactions can be completed via the Bakong app or other mobile-banking applications connected to the Bakong system.
The system eliminates the need for cash or international payment cards, promoting the use of local currencies and offering fast, secure, and cost-effective transactions. It is expected to enhance tourism, trade, and investment flows between the two ASEAN economies.
The initiative was developed through collaboration between Acleda Bank Plc, Phillip Bank Plc, and Liquid Group, reflecting growing private-sector engagement in Cambodia’s regional payment connectivity drive.
Serey described the launch as a demonstration of Cambodia’s commitment to innovation and inclusion.
“This cross-border QR payment system reinforces our efforts to build an inclusive digital economy. It provides citizens and businesses with convenient, secure access to financial services while supporting sustainable growth through closer regional cooperation,” she said.
Observers note that Phase 2 of the project — expected soon — will allow Singaporean users to scan KHQR codes in Cambodia, completing a two-way payment bridge that supports ASEAN’s vision of a seamlessly connected digital-payment ecosystem.
According to ACLEDA Bank, the cooperation between KHQR and SGQR will be implemented in two operational phases. In the first phase, Cambodian users can use the ACLEDA Super App to scan RoamQR (SGQR) codes and make instant retail payments in Singapore. The second phase will allow Singaporean users to scan KHQR codes via LiquidNet to make payments in Cambodia.
The bank stated that the initiative is designed to enhance the efficiency, transparency, and security of cross-border retail payments while promoting greater convenience for both consumers and merchants. It also supports small and medium enterprises (SMEs) and the tourism sector by facilitating cashless transactions and reducing reliance on physical currency.
The collaboration reflects growing regional efforts to build interoperable QR payment systems that enable seamless transactions across borders. By allowing instant settlements through mobile applications, the partnership is expected to strengthen trade, tourism, and investment ties between the two countries while reducing operational costs for businesses.
ACLEDA Bank added that local merchants and enterprises are expected to benefit from accepting cross-border QR payments, offering improved convenience for international customers and boosting operational efficiency in line with modern payment practices.
The latest cooperation follows a series of successful cross-border QR initiatives involving Cambodia and several regional economies, including Thailand, Vietnam, Laos, and Japan. The continued expansion of digital payment linkages underscores Cambodia’s growing role in advancing regional payment interoperability and connectivity.
ACLEDA Bank said it is honoured to be appointed by the National Bank of Cambodia as the sponsoring bank for this strategic project, jointly initiated by the National Bank of Cambodia and the Monetary Authority of Singapore.
The bank emphasised that, “This collaboration marks an important step towards regional payment interoperability, aligning with ASEAN’s broader vision of promoting inclusive digital economies and financial innovation through interoperable systems.”
On the same occasion, the NBC strengthened financial cooperation with China through the signing of an MOU with TenPay Global, a subsidiary of Tencent Financial Technology, operator of Weixin Pay (WeChat Pay).
The agreement, titled “Cooperation in the Areas of Potential Financial Development,” establishes a framework for interoperability between Cambodia’s Bakong (KHQR) and China’s Weixin Pay systems. The collaboration aims to expand cross-border payments and remittances, enhance transaction efficiency, and facilitate both outbound and inbound money transfers between the two countries.
Serey said the partnership marked “a major step forward in strengthening cross-border payment connectivity and driving financial innovation”.
“It contributes to greater financial inclusion, promotes the use of local currencies, and supports digital transformation while fostering economic exchange between Cambodia and China,” she added.
Daniel Hong, Vice President of Tencent Financial Technology, said the collaboration demonstrates how technology and partnership can create tangible global value.
“The path to global wallet interoperability lies at the intersection of innovation and cooperation. By enabling users to use their home wallets anywhere securely and conveniently, we are shaping a trusted and connected payment ecosystem that benefits consumers and expands opportunities for global commerce,” he said.
Together, the Cambodia–Singapore QR launch and the NBC–TenPay Global partnership highlight Cambodia’s emergence as a regional leader in digital-payment innovation. They reinforce the country’s long-term vision of building a connected, inclusive, and technology-driven financial landscape at the heart of ASEAN.
Source: https://www.khmertimeskh.com
