Cambodia and India Cooperate to Speed Up Cross-Border QR Code Payments
Chea Serey, governor of the National Bank of Cambodia (NBC), on Feb. 16 met in Mumbai with NPCI International Payments Limited. Photo: NBC
- By Ou Sokmean
- February 18, 2024 3:13 PM
PHNOM PENH — The Cambodian and Indian banking authorities have met to accelerate the implementation of digital cross-border payments (scan QR code) in the two countries.
Chea Serey, governor of the National Bank of Cambodia (NBC), on Feb. 16 met in Mumbai with NPCI International Payments Limited—established by the Reserve Bank of India and the Indian Banks' Association—to promote the use of the two countries’ national currencies for transactions and payments.
According to an NBC’s press statement, the National Bank of Cambodia also initiated bilateral cooperation with regional central banks and partners to design and develop a secure, efficient and affordable cross-border payment system.
This followed the signing of a Memorandum of Understanding on Cooperation by NBC and NIPL on March 17, 2023, to enable cross-border payments and remittances between Cambodia and India.
Putting this system in place will not only facilitate convenient, secure, and efficient cross-border payment transactions, but will also help boost economic growth, tourism and trade between the two countries, the press statement read.
In addition to India, Cambodia is currently working on expanding cooperation on digital cross-border payment systems with China, Fiji, Japan, Rwanda, Singapore and the Solomon Islands.
Cambodia is also working on cross-border payments and transactions with Laos, Thailand, Vietnam and UnionPay International, which is a subsidiary of China UnionPay and manufactures transaction applications.
Originally written in Khmer for ThmeyThmey, this story was translated by Rin Ousa for Cambodianess.
