Dr. Veerathai Santiprabhob, Governor of the Bank of Thailand and H.E. Chea Chanto, Governor of the National Bank of Cambodia, presided over the launch of the Interoperable QR Code for retail payment linkage between Cambodia and Thailand. For this cross-border payment service, Siam Commercial Bank, as the sponsoring bank from the Thai side, is collaborating with Acleda Bank, Cambodia Commercial Bank (CCB) and Foreign Trade Bank of Cambodia (FTB) as sponsoring from the Cambodian side. This service between the two countries uses interoperable QR Codes for retail payment that complies with international standards. From 18 February onwards, this service will be offered to Cambodian tourists visiting Thailand, who can use their mobile banking applications to scan the Thai QR Codes of merchants in Thailand. As for the other way, Thai tourists will be able to use their Thai mobile banking applications to scan Cambodian QR Codes to pay for goods and services at merchants in Cambodia starting from the third quarter of 2020.
In the age where financial innovation is rapidly developing, the National Bank of Cambodia and the Bank of Thailand recognize the importance of the use of technologies to enhance the efficiency of financial services to respond to the needs of individuals, businesses and government agencies. The two central banks play leading roles as facilitators for the private sector in the development of financial innovations that meet international standards and are able to expand to provide various services in the future. These include having an interoperable infrastructure that increases efficiency, reduces costs and creates better user experiences for both domestic and cross-border services. In this spirit, both Governors signed a Memorandum of Understanding (MOU) on Cooperation in the Areas of Financial Innovation and Payment Systems in February 2019. The MOU aims to promote more efficient cross-border payment transactions as well as the usage of local currencies.
This cooperation has come to fruition today, as Dr. Veerathai Santiprabhob, Governor of the Bank of Thailand, said: “The development of interoperable infrastructure which connects payment systems of Cambodia and Thailand will benefit our people of both countries by allowing them to make cross-border payments by scanning QR Codes through their mobile applications. This service will encourage the cross-border payment and digital payment of people of both countries. Also, the adoption of the interoperable QR payment should also pave the way for ASEAN cross-border remittances in the future.”
On this occasion, H.E. Chea Chanto, Governor of the National Bank of Cambodia, said: “Today’s event marks an important step in this project. I believe that this project will facilitate retail payment activities in both countries and also promote the usage of local currencies. It will also facilitate the circulation of goods and services and contribute to economic growth via reduction of transaction costs as well as minimizing risks of holding cash.”
Both central banks believe that this payment connectivity will not only facilitate the trade and tourism between both countries, but will also be a significant step towards financial inclusion as well.
Bank of Thailand
18 February 2020
For further information, please contact:
International Department, Corporate Strategy and Relations Group
Payment Systems Policy Department, Payment Systems Policy and Financial Technology Group
Tel: +66 2283 6464, +66 2283 6411
E-mail: IND-InterStrategy@bot.or.th, PSD-PaymentSystemsStrategyAndAnalysisDivision@bot.or.th
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