Consumers in Cambodia can now make instant cross-border QR payments in Malaysia, following the launch of the first phase of a payment linkage between the two countries
This initiative, developed by Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC), allows Cambodian users to make retail payments in Malaysia by scanning DuitNow QR codes via mobile apps like Bakong and Maybank M2U KH.
The payment linkage project, which started after the signing of a Memorandum of Understanding in February 2024, will be introduced in two phases.
The second phase will enable Malaysian users to make payments in Cambodia by scanning KHQR codes, which is expected to roll out in the near future.
The initiative aims to benefit over five million merchants across both countries, particularly small businesses, by widening access to customers.
It also supports trade, tourism, and economic growth, aligning with ASEAN’s vision for greater financial integration.
BNM Governor Dato’ Seri Abdul Rasheed Ghaffour said,
“This collaboration brings us closer to realising the vision of an interconnected and seamless retail payment ecosystem between Cambodia and Malaysia. By linking the national QR codes, cross-border transactions between our two countries will be faster and more efficient, offering significant benefits to millions of individuals and businesses in both countries.
This initiative will not only support the broader digital economy agenda but also boost economic activities across the region by leveraging on the convenience and efficiency of QR payments.”
NBC Governor H.E. Dr. Chea Serey said,
“Today’s event marks a significant achievement, reflecting the strong cooperation between the central banks and our 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, secure and interconnected retail payment systems across the region.”
