Local banks join NBC’s QR code payment system

Chea Serey, NBC’s general director, told reporters yesterday that Foreign Trade Bank of Cambodia (FTB), Acleda Bank, and Siam Commercial Bank (SCB) will become “sponsoring banks” in the scheme.

In February, the central banks of Cambodia and Thailand signed a memorandum of understanding (MoU) to create a payment system based on QR codes. The aim of the upcoming payment system is to facilitate cross-border exchanges in local currencies, according to representatives of the central banks.

Ms Serey said that banks that wish to provide the new payment service will have to work with one of the sponsoring banks.

“Since the MoU was signed, a lot has been accomplished and we are now working on the integration system,” she said, adding that she expects to launch the system by the end of the year.

“This electronic system will make payments more convenient for tourists and firms while also strengthening the local currency of both countries,” she said.

There has been a notable increase in electronic payments in the country, and they significantly contribute to the country’s development, Ms Serey pointed out.

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