Cambodia and Singapore have taken a significant step forward in financial connectivity with the official launch of Phase 2 of their cross border QR payment linkage, marking the completion of a fully operational bilateral system.
The milestone was announced at Raffles Hotel Le Royal, where key stakeholders from both countries gathered to highlight the growing integration of digital payment ecosystems. The initiative is led by the National Bank of Cambodia, in collaboration with Monetary Authority of Singapore and Liquid Group, with support from ACLEDA Bank Plc. and Phillip Bank Plc..
This second phase completes the payment loop, enabling seamless QR-based transactions between the two nations and reinforcing their shared ambition to modernize financial systems.
Seamless payments drive tourism and business growth
At the core of this development is convenience. With Phase 2 now active, Singaporean travelers can use their mobile banking apps to scan KHQR codes at approximately 4.5 million merchants across Cambodia. This advancement is expected to significantly enhance the travel experience while boosting retail activity and tourism spending.
Governor Chea Serey emphasized the broader impact, stating, “The partnership demonstrates a shared vision to modernise cross-border payment, promotes the use of local currency, and advances financial inclusion through practical innovation. This progress is built on the success of Bakong, Cambodia’s digital-based payment infrastructure launched in 2020 to connect the country’s financial systems on a single platform.” She further added, “With today’s launch, Singaporean travellers can now use their mobile banking application to scan the KHQR code at around 4.5 million merchants across Cambodia. This will make travel more convenient, support tourism and retail activities, reduce reliance on cash, lower transaction costs for small and medium-sized enterprises, and encourage greater participation in the formal financial system.”
Strong institutional collaboration behind the milestone
The success of this initiative reflects strong institutional cooperation between financial authorities and private sector players.
In a recorded message, Chia Der Jiun highlighted Singapore’s commitment to regional financial integration, saying, “This cross-border QR payment linkage will benefit travellers between our two countries. Businesses will also benefit from an accessible payment channel and a wider pool of customers. We appreciate the leadership role of the NBC in bringing this partnership to life.”
Meanwhile, In Channy described the launch as a defining moment for Cambodia’s financial evolution, noting,
“The NBC has selected ACLEDA as the sponsoring bank for the cross-border QR payment that is well aligned with the visionary collaboration between the NBC and the MAS.” Mach Chan echoed this sentiment, stating, “Today marks an important step in strengthening the connection between Singapore and Cambodia. This cross-border reflects the two countries’ closeness and togetherness through innovation and shared vision.”
Bakong system powers regional expansion
A key driver behind this progress is Bakong, Cambodia’s homegrown digital payment infrastructure. Since its launch in 2020, Bakong has connected 69 financial institutions, creating a unified platform that supports both domestic and cross border transactions. By the end of 2025, the system had already processed inbound cross border payments worth approximately 64.5 billion riels or about 16.13 million US dollars, alongside outbound payments totaling around 15.9 million US dollars. This strong foundation has enabled Cambodia to expand its payment connectivity across the region, positioning itself as an emerging leader in ASEAN’s digital finance landscape.
Expanding Cambodia’s regional payment network
Beyond Singapore, Cambodia has actively built cross border QR payment linkages with several regional partners including Thailand, Vietnam, Laos, Malaysia, South Korea, Japan, and China through Alipay and UnionPay. The network is expected to grow further, with India and the Philippines likely to join soon. This expansion reflects a broader strategy to enhance regional trade, simplify travel transactions, and promote the use of local currencies across borders, aligning with ASEAN economic integration goals and strengthening Cambodia’s role in the regional digital economy.
Conclusion
The completion of Phase 2 of the Cambodia Singapore cross border QR payment linkage marks more than just a technical upgrade. It represents a strategic leap toward a more connected, cashless, and inclusive financial future. By combining innovation, institutional collaboration, and regional ambition, Cambodia is steadily positioning itself as a key player in Southeast Asia’s digital payment ecosystem, unlocking new opportunities for businesses, travelers, and the broader economy.