On December 3, 2023, in Siem Reap, Cambodia, the State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) jointly organized the Announcement of Cross-Border QR Payment between Vietnam and Cambodia.
The two Governors press the buttons to launch the cross-border QR payment between Vietnam and Cambodia
Attending the ceremony, there were leaders from the relevant entities of the SBV and the NBC; representatives from the local authorities, and the media agencies in Cambodia.
The two Governors make the first cross-border payment transactions using QR codes
Having been implemented since mid-2022, with the activeness and efforts of all stakeholders, the pilot project on cross-border QR payment between Vietnam and Cambodia had been accomplished as scheduled. On the Vietnamese side, NAPAS with the role as the single national switching unit is the focal point in coordinating with the Vietnamese commercial banks for the connection. On the Cambodian side, ACLEDA Bank Plc. assumes the focal point role in coordinating with other commercial banks through the BAKONG payment system operated by the NBC. This project allows the use of the two countries national currencies (VND and KHR) for payment and final accounting.
Governor Nguyen Thi Hong experiences the QR payment service in Siem Reap, Cambodia
From now on, Vietnamese visitors and tourists using payment services offered by those Vietnamese banks participating in the project can scan KHQR codes to pay for goods and services at the payment acceptance units in Cambodia. Vice versa, Cambodian visitors and tourists can scan VietQR codes to pay for goods and services at payment acceptance units in Vietnam through the BAKONG application, which has connected with most of the financial and banking institutions in Cambodia.
The cross-border QR payment is expected to create favorable conditions for better leveraging the potentials for tourist development between the two countries, as well as to contribute to enhance the economic ties between Vietnam and Cambodia by promoting the use of the domestic currencies for the cross-border retail payments. This is also an evidence for the constant and active cooperation between the SBV and the NBC in particular, and the effective partnership in the banking sector between Vietnam and Cambodia in general.
Vietnamese banks participating in the first stage of this Project include BIDV, TPBank and Sacombank. Other Vietnamese banks are being considered to be included in this Project.
Le Hang