PHNOM PENH – Cambodia and Japan have taken a significant step toward deepening economic cooperation with the signing of a memorandum of understanding (MoU) on cross-border QR payments.
The agreement, formalized between Cambodia’s KHQR and Japan’s JPQR systems, was signed by the National Bank of Cambodia (NBC) and the Payments Japan Association (PJA).
The initiative, aimed at enhancing financial interconnectivity between the two nations, will be rolled out in two phases. In the first phase, Cambodian users of the Bakong system will be able to make payments in Japan by scanning JPQR codes. In the second phase, Japanese users will be able to use KHQR to make payments in Cambodia.
NBC announced that ACLEDA Bank and Sathapana Bank will act as the sponsors for cross-border QR payments with Japan, while PJA has appointed NETSTARS as the official payment operator to facilitate transactions with Cambodia.
“This initiative will support and promote digital payments, enhance transaction security, and enable seamless cross-border payments, thereby boosting tourism and reducing the reliance on currency exchange during travel,” NBC stated.
This collaboration follows the memorandum of cooperation signed between the National Bank of Cambodia and Japan’s Ministry of Economy, Trade and Industry on December 18, 2023, during the visit of former Prime Minister Kishida Fumio to Cambodia.
The cross-border QR payment system is expected to deliver significant benefits for businesses and consumers, enhancing payment systems to further strengthen trade, investment, and business ties between the two countries.
Japan has been a key partner in Cambodia’s development journey since the early 1990s. While diplomatic relations remain robust, economic ties have expanded significantly, with Japanese investments playing a transformative role across Cambodia’s industrial, agricultural, and infrastructure sectors.
Trade between Cambodia and Japan has grown steadily, rising from $1.4 billion in 2017 to $2.2 billion in 2024, underscoring the dynamic partnership between the two nations.
