Malaysian lender Malayan Banking Bhd (Maybank) has partnered with central banks to strengthen cross-border QR payment connectivity between Malaysia and Cambodia, aligns with its ASEAN 2025’s strategies.

The bank said in a statement on Tuesday that it has become the strategic banking partner as well as the sponsoring and settlement bank in the second phase of the cross-border QR payment linkage between Malaysia and Cambodia, launched by Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC).

This milestone initiative allows Maybank customers travelling to Cambodia to make instant KHQR retail payments via the MAE App, anytime, anywhere, at a low conversion fee.

As one of Asia’s leading banking groups and Southeast Asia’s fourth-largest bank by assets, the partnership reinforces the bank’s dedication to advancing financial inclusion in the region while supporting BNM’s and NBC’s efforts to foster economic growth in both countries.

Khairussaleh Ramli, President and Group CEO of Maybank said the successful implementation of this initiative is a testament to the guidance provided by BNM and NBC, as well as strong collaboration between industry players including Bakong, Payments Network Malaysia (PayNet) and Maybank.

“We are pleased to support the launch and facilitate seamless cross-border QR payments between Malaysia and Cambodia,” he said.

According to him, over 9 million MAE App users can now easily and conveniently make cross-border QR payments not just in Cambodia, but anywhere across the bank’s key markets including Malaysia, Singapore, Indonesia, Thailand and China.

He noted that this initiative underscores the bank’s commitment to enhancing financial accessibility and mobility across the region, ultimately driving a more connected and dynamic marketplace economy.

He highlighted that in 2024, the bank recorded an impressive 83 percent growth in the total value of transactions made via QR payments compared with the previous year, signaling customers’ growing confidence and readiness to embrace digital payments.

“As one of the largest providers of retail QR payments in Malaysia, we are committed to continuously enhancing convenience, security and accessibility for our customers,

“I am convinced that with this latest offering, they will enjoy a seamless and secure payment experience, whether at home or abroad,” he added.

As Malaysia takes on the ASEAN Chairmanship this year, the bank said it remains committed to playing an active role in bridging financial ecosystems across the region while helping to drive greater financial empowerment and inclusion for its customers.

It said Maybank also supported the initial phase of the launch in September 2024, which enabled Cambodian travelers to conveniently make DuitNow QR retail payments via the Bakong App in Malaysia.

Maybank is among Asia’s leading banking groups and South East Asia’s fourth largest bank by assets.

The banking group is present in Malaysia, Singapore, Indonesia, Philippines, Brunei Darussalam, Vietnam, Cambodia, Thailand, Hong Kong SAR & People’s Republic of China, Bahrain, Uzbekistan, Myanmar, Laos, Pakistan, India, Saudi Arabia, Great Britain and the United States of America.

The group offers an extensive range of products and services, which includes consumer and corporate banking, investment banking, Islamic banking, stock broking, insurance and takaful and asset management.

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