By:
• Rin Ousa

• 30, August 2024 , 11:55 AM

PHNOM PENH – Cambodians and South Koreans will be able to make cross-border payments under a new QR code initiative.

“People from both countries will be able to process payments using Cambodia’s Bakong and South Korea’s Jeonbuk Bank mobile banking app, National Bank of Cambodia (NBC) governor Chea Serey said on August 29 at the launch.

“Visitors from South Korea, particularly those using the Jeonbuk Bank mobile banking app, will be able to scan QR codes in Cambodia to make payments.

“In the next phase, Cambodians will be able to use local wallets at Jeonbuk Bank QR code accepting merchants in South Korea.” she said.  

She said she greatly valued the efforts of technical working groups of both sides on this achievement. 

“I firmly believe that the introduction of QR code payments between both countries will enhance financial cooperation by utilizing technology to benefit the citizens of both nations,” Serey said. 

“Additionally, this collaboration will play a key role in advancing trade, boosting tourism, and enhancing financial inclusion.

“In addition to South Korea, Cambodia has established cross-border QR code payment cooperation with Thailand, Vietnam, Lao PDR, and China,” she said. 

Serey said NBC launched the Bakong Tourist App on August 19, designed to enhance payments and support tourism by making digital payments easier for visitors.

On May 16, the bank signed separate MoUs for cross-border QR code payments with Kookmin Bank, JB Financial Group and Woori Bank in Seoul.

Credit Bureau Cambodia signed an MoU with Credit Bureau Korea and Jeonbuk Bank for cross-border credit report sharing between Cambodia and South Korea.