The central banks of Vietnam and Cambodia officially launched a cross-border QR payment linkage between the two neighbours on December 3, 2023, at a launching ceremony in Cambodia’s Siem Reap province.
The Governor of the State Bank of Vietnam (SBV), Nguyễn Thị Hồng, and the Governor of the National Bank of Cambodia (NBC), Chea Serey, oversaw the announcement of the cross-border QR payment link, reflecting a step towards improved financial integration and promoting the use of local currencies between the two countries.
The event was attended by officials from both the SBV and NBC, along with representatives from local Cambodian authorities and media. The newly introduced payment system allows for the use of KHQR codes by Vietnamese visitors in Cambodia, and conversely, the use of VietQR codes by Cambodian tourists in Vietnam.
In its initial phase, Vietnamese banks such as BIDV, TPBank, and Sacombank are participating in the project, with considerations underway to include additional banks. On the Cambodian side, ACLEDA Bank Plc. is coordinating with various financial and banking institutions facilitated through the BAKONG application operated by the NBC, which has widespread connectivity in Cambodia.
The introduction of the cross-border QR payment link is aimed at simplifying transactions for tourists and visitors, with the potential to impact the tourism sectors of both Vietnam and Cambodia. The use of domestic currencies the Cambodian Riel and the Vietnamese Dong in these cross-border retail payments is also seen as a move to strengthen economic ties between the two countries.
The initiation of this project traces back to a Memorandum of Understanding signed by the two central banks on November 8, 2022. Following this agreement, technical teams from both sides convened to deliberate on the structure of the partnership, ultimately deciding to adopt a sponsorship model for the endeavor.
This initiative is a part of ongoing efforts by the SBV and NBC to enhance collaboration in the banking sector, indicating a growing economic relationship between Vietnam and Cambodia.
