Malaysia, Cambodia float plans to link domestic payment systems

They are also aiming to eventually enable cross-border QR payments between the two countries.

The central banks of Malaysia and Cambodia have signed a memorandum of understanding (MOU) to strengthen cooperation in financial innovation and payments.

The MoU is expected to promote closer cooperation between the Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC). The two will work to drive financial innovation and foster more efficient and secure cross-border payments for the benefit of individuals and businesses in both countries. 

Amongst plans include linking domestic payment systems in both countries to enable cross-border QR payments. 

This cooperation will also encourage the use of local currency settlement and establish a cooperative oversight mechanism for safer cross-border payments.

BNM governor Abdul Rasheed Ghafoour and the NBC governor Chea Serey inked the MOU, witnessed by Malaysian Prime Minister Yang Amat Berhormat Datuk Seri Anwar Ibrahim and Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet.

“This collaboration will deepen our long-standing cooperation with NBC for the mutual benefit of individuals and businesses in both countries. It also provides the impetus to spur greater innovation and deeper financial integration in support of regional economic development,” BNM Governor Abdul Rasheed Ghaffour said in a press release published on the BNM website.