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Cambodia, Thailand sign deal on QR code-based payment

The National Bank of Cambodia (NBC) and the Bank of Thailand (BOT) signed a Memorandum of Understanding (MoU) on cooperation in QR-code based payment scheme and financial innovation on February 3.
Cambodia, Thailand sign deal on QR code-based payment ảnh 1Illustrative image (Source: internet)

Hanoi (VNA) – The National Bank ofCambodia (NBC) and the Bank of Thailand (BOT) signed a Memorandum ofUnderstanding (MoU) on cooperation in QR-code based payment scheme andfinancial innovation on February 3.

The signing ceremony took place at an annualbilateral meeting in Phnom Penh with the attendance of NBC Governor Chea Chantoand his BoT counterpart Veerathai Santiprabhob, according to the NBC’sstatement.

“The MoU aims to support the collaboration ondeveloping interoperability of standard QR code for efficient and secureddomestic and cross-border payment transactions as well as to promote usage oflocal currencies and financial innovation in both countries," thestatement said.

The two neighbouring countries' central bankshave worked together since July 2018 to develop a QR code payment app in orderto allow citizens of one country to shop in the other using their owncurrency. 

With this app, Cambodians will be able to useriel to purchase goods in Thailand, while Thais travelling Cambodia will beable to pay in baht.

Users of the QR code payment system will berequired to have a bank account in the local currency.

The two countries hope to launch the system inmid-2019.

The Cambodian government’s figures showed thatthere are currently more than one million Cambodian migrant workers inThailand. Meanwhile, more than 317,000 Thais visited Cambodia in the first 11months of 2018.-VNA
VNA
#National Bank of Cambodia (NBC)#Bank of Thailand (BOT)#Memorandum of Understanding (MoU)#cooperation#QR-code based payment scheme#financial innovation#cross-border payment transactions#Vietnamplus#Vietnam News Agency
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