The National Bank of Cambodia and the Bank of Thailand yesterday signed a memorandum of understanding (MoU) to cooperate in a QR code payment system that uses both Cambodian riel and Thai baht.
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The MoU was signed by NBC governor Chea Chanto and Veerathai Santiprabhob, the governor of the Bank of Thailand.
“The MoU aims to support the collaboration on developing interoperability of standard QR code for efficient and secured domestic and cross-border payment transactions as well as to promote usage of local currencies and financial innovation in both countries,” the statement said.
“In this regard, the pilot project on developing standard QR code payment has been agreed to facilitate retail payment services in Cambodia and between the two countries,” it said.
The countries’ central banks have worked together since July to develop a QR code-based payment app that allows citizens of one country to shop in the other using their own currency.
Chea Serey, NBC director general, said the system will make payments more convenient for tourists and firms while also strengthening the local currency of both countries.
“This system will make it easier for Cambodian businesses to buy Thai goods in Thai baht, and for Thai traders to pay in Khmer riel,” she said.