In a move to bolster economic ties and facilitate seamless transactions, Malaysia and Cambodia have launched a cross-border QR payment linkage system. This groundbreaking initiative, facilitated by the Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC), enables consumers and merchants in both countries to make instant payments using QR codes.
The system, operational in its initial phase, allows Cambodian users to leverage digital wallet applications like Bakong and Maybank M2U KH to scan DuitNow QR codes for retail purchases in Malaysia. The next phase will introduce reciprocal functionality, allowing Malaysian travelers to make similar transactions in Cambodia. This streamlined payment process will benefit both tourists and local businesses, simplifying transactions and fostering a more integrated economic landscape.
The initiative stems from a Memorandum of Understanding (MoU) signed by BNM and NBC in February, aligning with ASEAN’s vision to strengthen regional payment connectivity. This strategic collaboration is poised to empower over five million merchants in Cambodia and Malaysia, predominantly small and medium enterprises, to reach a wider customer base across both nations. The anticipated outcome includes enhanced trade, increased tourism, and a significant boost to the economies of both countries.
The prevalence of QR payments in Southeast Asia has paved the way for this innovation. Malaysia and Cambodia have emerged as leaders in adopting QR code technology for cross-border payments. The adoption of digital payment systems like DuitNow and Bakong has witnessed a remarkable surge in both nations. In 2023, Cambodia recorded a 29 percent rise in QR transactions, while Malaysia’s DuitNow reported a staggering 1.5 billion transactions during the first half of 2024. This trend aligns with the broader regional commitment to digitalization. Other Asian nations, including Indonesia, Singapore, the Philippines, and Thailand, have also pledged to implement cross-border transactions, as evidenced by the agreements reached during ASEAN’s 2023 summit in Jakarta. The collaborative efforts of these nations underscore the growing importance of digital payment systems in fostering economic growth and regional integration.
