Finance & Banking

Expansion of KHR Cross-Border Payments by QR Code in ASEAN

Cambodians will soon be able to pay via QR code using the Khmer riel in Vietnam and Laos after ACLEDA Bank was selected by NBC to be the sponsoring bank for cross-border payments.
ACLEDA Bank Plc Headquarters in Phnom Penh, Cambodia. Kiripost via ACLEDA Bank
ACLEDA Bank Plc Headquarters in Phnom Penh, Cambodia. Kiripost via ACLEDA Bank

ACLEDA Bank Plc.​ earlier this month announced it has been chosen by the National Bank of Cambodia (NBC) as the sponsoring bank for KHR cross-border payments via QR code with ASEAN neighboring countries, including Vietnam and Lao PDR. This is in addition to the KHR cross-border payment via QR code, which launched in Thailand in February 2020.

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ACLEDA Bank’s president and group managing director In Channy said the move aims to promote wider use of the Cambodian currency for digital payments across ASEAN and promote financial inclusion within the ASEAN Economic Community.

“With the readiness of financial technology designed and workable, the NBC has selected ACLEDA Bank as a sponsoring bank for KHR cross-border settlement and payment via QR code in the Socialist Republic of Vietnam and the Lao People's Democratic Republic, aiming at promoting the broad use of KHR in ASEAN region and ASEAN financial inclusion in line with the integration of ASEAN Economic Community (AEC),” said Channy.

In February 2020, ACLEDA Bank Plc. and Siam Commercial Bank (SCB) were selected as sponsoring banks to engage in business cooperation relating to QR cross-border payment for ACLEDA Bank's customers and Cambodians paying with Khmer riel in Thailand through scanning a QR code, he added.

By the end of 2022, customers and Thai people will be able to make payments in Thai baht in Cambodia by scanning a QR code.

According to the plan, by the end of this year, customers and people in Vietnam and Laos will also be able to make the KHR cross-border payment via QR code.

The next step will see ACLEDA Bank collaborate with other ASEAN countries to promote payment using the riel via QR code in the region to reduce costs as well as promote ASEAN financial inclusion.

ACLEDA Bank Plc. has four subsidiaries. They are ACLEDA Institute of Business, ACLEDA Securities Plc., ACLEDA Bank Lao Ltd., and ACLEDA MFI Myanmar Co., Ltd. as well as representative offices in the Republic of the Union of Myanmar.

By June 2022, ACLEDA Bank Plc. had $8.34 billion in total assets; $6 billion in total credit balance; and $6.01 billion in total savings deposits with more than 3.59 million customers.