Central Bank the National Bank of Cambodia (NBC) and China-based payment firm UnionPay International (UPI) have officially launched the second phase of their cross-border payment initiative for Cambodians.
NBC said in a statement on Monday that the phase 2 – Bakong Outward Cross-Border Payment – Bakong scans Unionpay – will allow Cambodia people to make a cross-border payment by scanning QR codes in China and other countries through UPI’s network.
The collaboration between the NBC and UPI on the cross border payments has made significant progress since the official launch of Phase 1: UnionPay scans KHQR codes on December 22, 2023.
This initiative offers the opportunity to enhance trade, boost tourism, facilitate cross-border payments and remittances, while promoting the use of local currency and financial inclusion.
Therefore, it contributes to the sustainable growth of the whole economy.
“We are delighted to pioneer the integration of Bakong and UnionPay today, marking another historic milestone following the successful launch of Phase 1,
“The official launch of Phase 2 enables users of the Bakong app or the local bank applications to conduct transactions seamlessly in Mainland China and worldwide, thereby enhancing financial accessibility and contributing to the advancement of Cambodia’s digital payment ecosystem,” said Larry Wang, Chief Executive Officer of UnionPay International.
Dr. Chea Serey, Governor of the National Bank of Cambodia, said the launch of the Phase 2 is in line with the announcement of 2025 as the “Cambodia-China Year of Tourism”.
“With this advancement, Cambodian residents as well as users of the Bakong app and local bank apps, will now be able to scan QR codes at UPI-accepting merchants in China and beyond while traveling abroad,
“This development significantly enhances the digital payment experience for Cambodian citizens, making international transactions more seamless and convenient,” she added.