Singapore and Cambodia have officially launched the cross border QR code payment between the two countries.
The National Bank of Cambodia said in a statement on Wednesday that with the launch of phase 1, Cambodian travelers visiting Singapore who hold local currency, Khmer Riel, bank accounts can now make payments conveniently, quickly and securely by using the Bakong app or other mobile banking applications to scan RoamQR codes available at SGQR merchants across Singapore.
This bilateral initiative promotes the use of local currencies, eliminates the need for physical currency exchange or payment cards, and facilitates real-time transactions.
It represents a significant step forward in enhancing trade, investment, and tourism between the two countries, thereby advancing their shared goal of sustainable economic growth.
This cross-border payment project, initiated by private-sector partners including Acleda Bank Plc, Phillip Bank Plc, and Liquid Group, marks a major advancement in private sector collaboration to develop cross-border digital payment connectivity.
This initiative supports the shared vision of an inclusive and interoperable ASEAN payment ecosystem and aligns with the National Bank of Cambodia’s goals to foster financial inclusion and regional integration through innovation.