Thailand
Cambodia: NBC plans KHQR cross-border payment system
The National Bank of Cambodia in collaboration with the Association of Banks in Cambodia and other stakeholders has launched a prakas (official proclamation) on the implementation of the QR code Technical Quantitative Model to provide the basis for organising KHQ Coordinates for domestic payments in a secure and orderly manner and to contribute to the cross-institutional operation of QR Coordinating payments for customers as well as to enable Cambodia to integrate regional payments.
Speaking to reporters at the official launch of KHQR on Monday, Chea Serey, Deputy Governor and Director General of the National Bank of Cambodia, said that the establishment of the KHQR system would strengthen and make local payments easy, safe and fast. She said the bank intends
to facilitate cross-border payments to regional countries through the KHQR system.
KHQR is another new system in the Bakong system that adds convenience to payment with QR Code.
“Currently, looking at the store, there is a QR Code system of many banking institutions to provide customers with payment at any financial institution that customers use.
After seeing the challenges, the National Bank of Cambodia has established a common standard that allows the banking system to scan the QR Code of another bank, meaning that customers using Bank “A” can go to scan the QR Code of Bank “B” as long as those banks are members of the KHQR system.
“After Cambodia has such a common national standard, in the future, if we want to integrate regionally with our neighbours, we can use this one common standard, as Cambodia associates its standard with that of a partner country,” she said. “All over Cambodia and banks across partner countries can easily use the same QR Code system.”
She stated that after the KHQR system, it will reduce the use of QR Code system of many banking institutions on the counter, and this will facilitate easy, secure and fast payment.
After the introduction of the KHQR system, it is hoped that payment via QR Code system will be further developed.
According to a report of the National Bank of Cambodia, 37 member banks and financial institutions of Bakong have participated in the development of KHQR function, of which 29 banking and financial institutions have successfully operated at shops in about 230,000 locations.
Source: https://www.khmertimeskh.com/501108597/nbc-plans-khqr-cross-border-payment-system/