Azernews.Az

By Alimat Aliyeva

Cambodia and Singapore have officially launched the first phase of their cross-border QR code payment connection, according to a press release from the National Bank of Cambodia (NBC), Azernews reports, citing foreign media.

The launch event was presided over by NBC Governor Chea Serey on the sidelines of the Singapore FinTech Festival 2025 on Wednesday.

“With Phase 1, Cambodian travelers visiting Singapore can now make payments conveniently, quickly, and securely using the Bakong app or other mobile banking applications by scanning RoamQR codes at SGQR-enabled merchants across the country,” the press release stated. The initiative allows payments in Khmer Riel, promoting the use of local currencies and removing the need for physical currency exchanges or payment cards, while enabling real-time transactions.

The project is seen as a major step forward in enhancing trade, investment, and tourism between Cambodia and Singapore, supporting their shared goal of sustainable economic growth. It also aligns with the vision of an inclusive and interoperable ASEAN payment ecosystem, fostering stronger regional financial integration.

So far, Cambodia has launched cross-border payment projects with Thailand, Vietnam, Laos, South Korea, Malaysia, Japan, Singapore, and UnionPay International, highlighting the country’s commitment to digital payment innovation and regional connectivity.

Experts note that cross-border QR payments not only simplify transactions for travelers but also boost small businesses and local merchants, as they can receive international payments instantly without relying on complex banking infrastructure. This innovation could serve as a model for other ASEAN nations aiming to modernize their financial systems.