Alipay+ Launches on KHQR, Facilitating Cross-border Mobile Payments Into Cambodia

Barchart · 10/15 04:35

The National Bank of Cambodia and Ant International have officially launched Cross-border QR Code Payments between National Bank of Cambodia’s Bakong payment system and Ant International’s cross-border mobile payment and digitalization solutions, Alipay+.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241014038907/en/

Dr. Chea Serey, Governor of the National Bank of Cambodia, and Edward Yue, General Manager for Southeast Asia, Australia and New Zealand, Ant International, officiating the launch (Photo: Business Wire)

Dr. Chea Serey, Governor of the National Bank of Cambodia, and Edward Yue, General Manager for Southeast Asia, Australia and New Zealand, Ant International, officiating the launch (Photo: Business Wire)

With this initiative, Alipay+ partner users of 12 international payment apps, including Alipay (Chinese mainland), AlipayHK (Hong Kong SAR), Touch ‘n Go eWallet and MyPB by Public Bank Berhad (Malaysia), GCash (the Philippines), Kakao Pay, Toss Pay (South Korea), OCBC and Changi Pay (Singapore), Hipay (Mongolia), MPay (Macao SAR) and Tinaba (Italy), will be able to seamlessly make payments to more than one million merchants in Cambodia by scanning KHQR codes, with more to be progressively added. This will facilitate the payment for goods and services to businesses in Cambodia with accounts denominated in Cambodian riels.

Commenting on this milestone, H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, said: “One of the key priorities of the National Bank of Cambodia has been continuously enhancing and modernizing the cross-border payment with the region. I firmly believe that the partnership between Alipay+ and Bakong's KHQR network would elevate financial cooperation by leveraging technology to benefit the customers, and is one of the most impactful developments in supporting the country's digitalization journey and helping merchants capture new opportunities in the evolving landscape.”

KHQR, launched by National Bank of Cambodia in July 2022 and operated by Bakong, was created for retail payment in Cambodia and cross-border payment within ASEAN countries. It only requires a single QR for receiving payment through any mobile banking apps of Bakong members including Bakong App, making QR payment simple for both customers and merchants in Cambodia.

Mr. Edward Yue, General Manager for Southeast Asia, Australia and New Zealand, Ant International, said: “We thank the National Bank of Cambodia for their visionary leadership in digitalizing local merchants and the travel ecosystem, which will not only enhance the travel experience for global consumers, but will also enable more local businesses to benefit from the strong tourism recovery. As more ‘travel like a local’ using just their home payment apps, the local economy and community will flourish in tandem, offering more localized experiences and building a more vibrant ecosystem for all. We will continue to work closely with regulators, merchants and other industry partners to create a new future of cross-border payments and travel.”

This cross-border payment collaboration marks a significant milestone in the expansion of cross-border payment via QR codes under the Bakong system. It was formalized following the signing of a Memorandum of Understanding on November 15, 2023, between the National Bank of Cambodia and Ant International, focusing on "Cross-border Payment Cooperation via QR Codes" at the 2023 Singapore FinTech Festival.

In addition to Cambodia, Alipay+ also has partnerships with national standardized QR code payments in Singapore, Malaysia, South Korea, Nepal and Sri Lanka. Today, Alipay+ connects users of more than 30 leading international payment partners to more than 90 million merchants across 66 markets, including top travel destinations such as China, Southeast Asia, Japan, South Korea, Middle East, Europe and more.

About Alipay+

Alipay+ is a suite of cross-border mobile payment and digitalization technology solutions that help connect global merchants to consumers. Consumers enjoy seamless payment and a broad choice of deals using their preferred payment methods while travelling abroad. Small and medium-sized businesses may use Alipay+ digital tools to enhance efficiency and achieve omni-channel growth.