Central bank links up for Thai pay system

The Kingdom’s central bank unveiled plans on Wednesday to collaborate with its counterpart in neighbouring Thailand to launch a QR code payment system, a bank official said.

The system, which would allow people from either country to rapidly send funds to one another, is aimed at those who travel often for business or tourism.

An announcement from the National Bank of Cambodia (NBC) said it would let users bypass the need to use costly exchanges to turn Cambodian riel into Thai baht, or vice versa.

The systems will also allow Cambodian workers in Thailand to transfer money to their families at home.

The NBC’s director-general of central banking, Chea Serey, said the initiative will receive support from financial institutions in both countries and that leaders would meet up later this year to define rules and procedures.

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