Malaysia & Cambodia Unveil Cross-Border QR Payment Linkage

• 25 September 2024
• Local News
• 756 Views

In a major milestone for regional digital payments, Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) have successfully launched a cross-border QR payment linkage between Malaysia and Cambodia, aiming to connect over five million merchants across both countries, according to Asianbankingandfinance dated 20 September 2024.

This ambitious initiative, which reached the end of its first phase on 19 September 2024, enables Cambodian consumers to make instant retail payments in Malaysia by scanning DuitNow QR codes using the Bakong app or the Maybank M2U KH app.

The project is expected to expand further in the coming months, with the second phase allowing Malaysian users to seamlessly pay Cambodian merchants via the KhmerQR code. This collaborative effort was formalized in February 2024 with a memorandum of understanding between BNM and NBC.

The linkage initiative promises to provide vast opportunities for merchants, particularly small businesses, across Cambodia and Malaysia by giving them access to a wider customer base.

• Business and Market
• Technology and Engineering
• Cooperation and networking