PHNOM PENH: Cambodia and Thailand launched the second phase of cross-border QR payment, which will boost the national currency settlement and cross-border cashless payment.
H.E. Dr. Chea Chanto, Governor of the National Bank of Cambodia (NBC), and H.E. Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, held a bilateral meeting in Phnom Penh on June 6 with an aim to strengthen solidarity, friendship, economic ties and promoting macroeconomic growth, banking and financial technology (FinTech) in both countries.
On the occasion, the two parties presided over the launching ceremony of the QR Code between Cambodia and Thailand Phase II: Thai Scan QR Code in Cambodia.
The project will play a key role in promoting the national currency settlement and contribute significantly to boosting financial inclusion, facilitating cross-border trade, and increasing the number of tourists.
For the project’s phase I, called KHQR, Cambodians are able to scan the QR Code in Thailand. It was officially launched at a bilateral meeting between the two central banks in Thailand on Feb. 18, 2020.
KHQR is a universal quick response (QR) code system created for retail payments in the Kingdom and cross-border payments within the ASEAN bloc, the NBC pointed out.
According to the central bank’s Financial Stability Review, electronic payment transactions amounting to 415.5 trillion Riel (approximately US$102 billion) were recorded nationwide in 2021.