In a move to enhance cross-border mobile payments in the region, the National Bank of Cambodia has signed a Memorandum of Understanding (MoU) with Ant International. This partnership aims to facilitate efficient and secure payments through QR codes using KHQR. The collaboration will connect Bakong’s network with Alipay+’s payment partners and global traders.
Users and clients of Alipay+’s payment partners will be able to make payments at any KHQR merchants in Cambodia using their home e-wallets, provided they are connected to a Khmer Riel bank account. This will offer improved convenience and security, contributing to the growth and development of local businesses in the tourism industry.
Furthermore, Bakong clients with full KYC and Khmer Riel bank accounts will have the option to use local wallets and applications supported by the National Bank of Cambodia at any Alipay+ global merchants. This initiative aims to promote the usage of the local currency and streamline cross-border transactions.
Recent Developments by the National Bank of Cambodia
The National Bank of Cambodia has been actively engaging in collaborations and launches across various geographical areas in recent months.
In October 2023, Travelex, a foreign exchange brand, partnered with the National Bank of Cambodia to enable the trading of Cambodia’s national currency, the Khmer Riel (KHR), at Singapore’s Changi Airport. Clients and users were able to buy and sell Cambodian Riel in exchange for a range of currencies, including the Singaporean Dollar, US Dollar, Australian Dollar, Euro, and Japanese Yen. This move by Travelex not only emphasized the significance of the currency but also provided a secure and efficient means to trade Riel with other currencies in Singapore.
In July 2023, the National Bank of Cambodia signed an MoU with UnionPay International (UPI) to enhance QR code interoperability for cross-border mobile payments. The collaboration aimed to optimize the payment experience for residents of both countries and enable Cambodian users to make payments with e-wallets from their home regions. This was accomplished within UnionPay’s global QR network, which includes China. The partnership also focused on addressing the needs and preferences of clients and customers when visiting China or other regions.
These developments reflect the National Bank of Cambodia’s commitment to advancing digital payment ecosystems and promoting secure and efficient cross-border transactions.