Cross-border Payments Key To Inclusive ASEAN Growth, Innovation -- National Bank Of Cambodia Governor

By Harizah Hanim Mohamed

KUALA LUMPUR, April 8 (Bernama) -- The National Bank of Cambodia’s (NBC) participation in the ASEAN economic payment connectivity initiative aimed to foster regional economic growth and establish a more interconnected payment system within the region, said its governor, Dr Chea Serey.

She said this would also accelerate innovation in cross-border payment solutions and streamline trade and investment flows while at the same time empowering small and medium enterprises (SMEs) to access international markets.

bootstrap slideshow

“I invite all stakeholders, central banks, banks, international institutions and technology partners to build on this whole mission. Let’s expand payment interoperability and innovative solutions and champion policies prioritising inclusivity and security.

“The Cambodian-Malaysian partnership stands as a testament to what the region can achieve… a foundation upon which we collectively feel more integrated, equitable and resilient,” she said in her speech at the official launch of cross-border Quick Response (QR) payment phase 2 between Malaysia and Cambodia today.

The event was held on the sidelines of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and related meetings at the Kuala Lumpur Convention Centre.

bootstrap slideshow

Meanwhile, Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour said the benefits of cross-payment linkages are already visible through the 21 payment linkages currently in operation in the region.

“ASEAN’s success in pursuing payment connectivity hinges on strong cooperation and collaboration of everyone, not only among central banks but also within the public and private sectors,” he said.

BNM and NBC launched the second phase of Cross-Border QR Payment, enabling consumers and merchants in both countries to make and receive instant payments from participating financial institutions.

Under the first phase, which was launched last year, users from Cambodia can make instant retail payments in Malaysia by scanning DuitNow QR codes displayed by merchants using their mobile payment applications.

Commenting on the launch, Serey also emphasised that this reflected the advancement of simplified cross-border transactions but also unlocked immense potential for tourism by offering Malaysian travellers frictionless payments in Cambodia.

She reiterated that the collaboration would boost financial inclusion by connecting SMEs and individuals to a broader economic network and advancing ASEAN’s vision of a digitally interconnected community.

-- BERNAMA