Malaysia, Cambodia Launch Second Phase Of Cross-border QR Payment

By Muhammad Faiz Baharin

KUALA LUMPUR, April 8 (Bernama) -- Bank Negara Malaysia (BNM) and the National Bank of Cambodia have launched the second phase of Cross-Border QR Payment, which will enable consumers and merchants in both countries to make and receive instant payments from participating financial institutions.

Under the first phase launched last year, users from Cambodia can make instant retail payments in Malaysia by scanning DuitNow QR (quick response) codes displayed by merchants using their mobile payment applications.

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The launch by BNM Governor Datuk Seri Abdul Rasheed Ghaffour, together with his counterpart from the National Bank of Cambodia, Dr Chea Serey, took place on the sidelines of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and related meetings here today.

In his speech, Abdul Rasheed said that the collective payment connectivity efforts are set to significantly boost both countries’ economies and ASEAN as a whole.

He said that facilitating seamless payments will provide a key catalyst for enhancing regional trade and investment, offer travellers a familiar and safe digital payment solution, and foster greater country inclusion, empowering over seven million merchants in Cambodia and Malaysia to expand a broader customer base.

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He stated that in 2024, about 5.2 million cross-border QR payment transactions were recorded, a fourfold increase from the previous year, and this underscores the value these services bring to users and merchants alike.

“As ASEAN chair this year, Malaysia will continue to drive the payment connectivity agenda to broaden its impact throughout the region.

“Our priority in 2025 is to expand the number of payment linkages involving ASEAN member states and to promote greater usage of these services to market users,” he said.

As Malaysia expands linkages, Abdul Rasheed noted that the full focus will also be directed towards managing risks arising from payment connectivity to preserve the confidence in a secure and thriving payment landscape for ASEAN.

“To ensure the linkages operate safely and securely, we will intensify efforts on cooperative oversight arrangements between countries.

“This will help mitigate risks, including cybersecurity threats, fraud and scams, money laundering, and terrorism financing,” he added. 

Meanwhile, Serey said the cross-border QR payment initiative is more than a technical achievement.

“It is a bridge between cultures, economies and people. It embodies our commitment to harnessing technology for resilient and inclusive growth, ensuring that even the smallest merchant in Cambodia or Malaysia can participate in the global digital economy,” she said. 

Earlier, Prime Minister Datuk Seri Anwar Ibrahim, in his keynote address at the ASEAN Investment Conference 2025, stressed that ASEAN must pursue greater economic integration within the region, including expanding ASEAN payment connectivity. 

-- BERNAMA