Cambodia and South Korea have officially launched a new cross-border payment system.
This system, currently in its first phase, allows customers of Jeonbuk Bank in South Korea to make seamless payments to merchants in Cambodia using Bakong (KHQR) QR codes.
The launch ceremony, held in Phnom Penh, was attended by senior officials, including Dr. Chea Serey, Governor of the National Bank of Cambodia, and Kim Tae Hyun, Vice President of Jeonbuk Bank.
This initiative, following a Memorandum of Understanding signed in May between the National Bank of Cambodia and JB Financial Group, is designed to strengthen economic ties by facilitating trade and tourism while also promoting financial inclusion in Cambodia.
The system allows South Korean travelers to pay for goods and services in Cambodia using their mobile phones without the need for currency exchange.
This is expected to boost tourism and contribute to Cambodia’s economic development.
Dr. Chea Serey, Governor of the National Bank of Cambodia, said,
“Today’s event is another milestone for the National Bank of Cambodia in opening a new corridor of cross-border payments via QR Code between the Republic of Korea and the Kingdom of Cambodia, which will bring the financial cooperation between both countries to an all-new height through the use of financial technology that directly benefits the people of the two countries.
In addition, the launch of new cross-border payments will contribute significantly to promoting trade activities, boosting tourism, and supporting the financial inclusion in Cambodia.”
Kim Tae Hyun, Vice President of Jeonbuk Bank, said,
“This official implementation ceremony for the initiative is a new milestone to allow our subsidiary, PPCBank, to play a key role in operating this payment system while creating a financial bridge between South Korea and Cambodia.
This joint effort caters to travelers from South Korea, conveniently enabling them to pay in Khmer riel without needing foreign exchange. Not only will this contribute to the resurgence of international travel, but also help foster increased economic development in Cambodia.”
