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NBC ink MoU for Japanese cross-border QR payments

 

The National Bank of Cambodia (NBC) and the Payments Japan Association (PJA) signed a memorandum of understanding (MoU) to establish cross-border QR code payments between Cambodia’s KHQR and Japan’s JPQR systems.

The cooperation will happen in two phases:

  • Phase 1: Cambodians using local banking apps can scan JPQR codes in Japan.

  • Phase 2: Japanese nationals can scan KHQR codes in Cambodia.

ACLEDA Bank and Sathapana Bank are Cambodia’s liaison banks, while NETSTARS is the QR operator on Japan’s side.

The initiative aims to:

  • Simplify and secure cross-border payments,

  • Boost tourism and reduce the need for cash exchanges,

  • Support businesses with faster and more efficient transactions,

  • Strengthen trade, investment, and economic ties between the two countries.

The agreement builds on a broader cooperation framework signed between Cambodia and Japan in December 2023.

Phase 1 of the system will launch in early 2025, aligned with the Osaka-Kansai Expo, with Phase 2 expected later that year.

NBC has also launched similar cross-border payment projects with Thailand, Laos, Malaysia, Vietnam, and China to promote regional economic growth. (Summarized using ChatGPt.com)

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