On December 3, in Siem Reap, Kingdom of Cambodia, within the framework of the bilateral conference between the State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBCC), the two sides jointly organized the announcement ceremony of bilateral retail payment connection using QR code between Vietnam and Cambodia.

The bilateral retail payment connection using QR code aims to realize the two countries' commitment in payment activities and financial innovation, including promoting the use of local currencies through implementing cross-border payment connections to bring convenience to people as well as support the development of trade and tourism promotion activities of the two countries.

Cross-border payments are an inevitable extension of digital financial innovation to keep up with the transaction and payment needs of people and the economy.

Previously, in November 2022, the National Bank of Cambodia and the State Bank of Vietnam signed a Memorandum of Understanding on cooperation in the field of financial innovation and payment systems to promote the cross-border QR payment and remittance project between Cambodia and Vietnam.

National Payment Corporation of Vietnam (NAPAS) and ACLEDA Bank of Cambodia have officially completed the pilot connection of retail payments using QR codes between Vietnam and Cambodia.

By successfully implementing the above connection, through the Bakong application of the National Bank of Cambodia, customers of 57 Cambodian banks when coming to Vietnam can scan the VietQR code at payment acceptance points of the first banks to deploy the service, including BIDV and TPBank, to pay from the customers' Cambodian Riel (KHR) accounts.

Conversely, Vietnamese people when visiting Cambodia can also use mobile applications of banks including BIDV, Sacombank and TPBank to make KHQR scanning payments at about 1.8 million payment acceptance points in Cambodia.

When using cross-border payment services using QR codes, people of the two countries will enjoy preferential exchange rates instead of converting to a third currency.

In the coming time, NAPAS will continue to cooperate with Cambodia to expand the number of Vietnamese banks participating in the service implementation to meet the payment needs of tourists from both countries.

Previously, NAPAS and Lao National Payment Network Company Limited (LAPNET) signed a Cooperation Agreement on research and pilot implementation of bilateral retail payment connection using QR codes between Vietnam and Laos.

In Southeast Asia alone, NAPAS has implemented cross-border payment cooperation with three important partners including Thailand, Laos, and Cambodia.