Phnom penh: ACLEDA Bank Plc has officially launched Phase 2 of its Cross-Border Payment initiative via QR Code, titled "Laos Scans KHQR Code," aimed at bolstering digital payments and strengthening economic relationships between Cambodia and Laos. This initiative also supports the tourism sector and aligns with ASEAN's vision of interconnected digital payment systems within the community.
According to Agence Kampuchea Presse, the launch ceremony was presided over by H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, and H.E. Bounkham Vorachit, Governor of the Bank of the Lao PDR. ACLEDA Bank Plc and its subsidiary, ACLEDA Bank Lao Ltd., have been chosen as the Settlement Banks for this cross-border payment system, which facilitates transactions in local currencies-Cambodian Riel (KHR) and Lao Kip (LAK).
Earlier, on August 18, 2023, ACLEDA Bank initiated Phase 1 of this cross-border payment system, allowing Cambodian citizens to scan Laos QR codes. This move was designed to promote the use of the Khmer Riel in ASEAN transactions and enhance financial inclusion in line with the ASEAN Economic Community integration.
The collaboration between Cambodia and Laos, through KHQR and Lao QR, highlights ACLEDA Bank's progress in establishing successful cross-border QR payments within the ASEAN region. The new phase enables Lao citizens traveling to Cambodia to make payments by scanning KHQR codes at various merchants using mobile banking applications from Lao financial institutions.
This QR Code payment system offers a convenient and secure method for Lao customers and the public to purchase goods and make transactions while in Cambodia. It is expected to improve payment processes for tourists and businesses, strengthen the local currencies of both nations, facilitate smoother transactions, and reduce operational costs.