NBC recruits banks for QR code system

21 Aug 2018  2056 | Cambodia Travel News

A new QR code-based payment system, which is being developed in cooperation with Thailand, will launch next year, representatives of the central bank announced last week.

Speaking at a workshop Friday, Chea Serey, director of the National Bank of Cambodia, said they are now selecting the banks best fitted to help the central bank finalise the promising QR code-based app.

“We are now determining the financial institutions that will join us, and we will also prepare the rules and procedures with the central bank of Thailand,” she said.

“We are optimistic that in mid-2019 the system will be operational,” she added.

The new payment system was announced last month by NBC. Cambodian and Thai authorities are both working together to develop it, and it will allow citizens of one country to shop in the other using their own currency.

“Cambodian people will be able to use riel to purchase goods, while Thais travelling in Cambodia will be able to pay in bath,” she said Friday.

Ms Serey said users of the system will be required to have a bank account in the local currency.

“This is the step in our plans for integration through bilateral cooperation. We plan to expand the system to other countries in Asean,” she said.

In Channy, president and group managing director of Acleda Bank, told Khmer Times yesterday that they will cooperate with NBC to ready the system.

“We are now developing our fintech capabilities to help the central bank with their new payment system,” he said.

“It will be a good way to increase the use of the riel and the Thai bath. We are happy to join NBC.

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