Local vendors can now use the KHQR network of the Bakong system, a part of the National Bank of Cambodia (NBC), to make payments to over 80 million Alipay merchants globally. The development comes as Cambodia and China expand cross-border payments to enhance trade, tourism and investment between the two nations.
Chea Serey, governor of the NBC and Douglas Feagin, senior vice president of Ant Group and head of Alipay+ signed a memorandum of understanding (MoU) at the FinTech Expo in Singapore on November 13.
“The MoU aims to promote cross-border payment transactions via QR code between the KHQR network and Alipay+ efficiently and securely. Through this partnership, Bakong users can make payments with 83 million Alipay merchants worldwide,” the NBC said in a statement.
International tourists visiting the country can also utilise the KHQR system for convenient payments, contributing to the country’s economic growth. Cambodian traders are required to have an account in riel (KHR) and accept payments in the currency.
Serey encouraged financial institutions to promote KHR accounts and payments among vendors in order to reap maximum benefits from the system.
She highlighted the significance of the MoU, noting the country’s increasing popularity among Chinese and international tourists.
“The simplicity of making payments provides merchants with a revenue boost, helping to stimulate economic activity. I’m confident this collaboration with Alipay+ will be beneficial for all parties, and I extend my wishes for continued success to all stakeholders as we embark on this journey of cooperation and achievement,” she said.
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Author: May Kunmakara
Publication date: 17 November 2023
Source: The Phnom Penh Post