By APD writer Kin Ratha

PHNOM PENH, June 19 (APD) -The National Bank of Cambodia (NBC) on Monday appointed three local banks to serve as sponsoring banks for a cross-border payment based in QR code system with Thailand.

The appointment was made after the two countries signed a memorandum of understanding (MoU) of the system early February which sought to facilitate the cross-border payment in local currencies.

Foreign Trade Bank of Cambodia (FTB), Acelda Bank Plc and Thai-based Siam Commercial Bank (SCB) are acknowledged as ‘Sponsoring Bank’ in this cross-border settlement.

Speaking to a group of reporters at the today’s event, Chea Serey, NBC General Director, said choosing the three institutions is part of NBC’s mechanism to forge ahead with QR codec payment between the countries.

She added that if other local banks wish to provide the payment platform, they have to work with one of the Sponsoring Bank, proving customer to experience the service.

“Since the MoU signed, some major works have been done and integration system is what we have to do next which we expected that the office of the cross-border QR code payment will be launched by the end of this year,” she said

“The electronic payment will make payment more convenient for tourist and firms while also strengthen the local currency of both countries,” she noted.

Electronic payment has seen a notable increased and significant contribution to the country’s development

“In the context of industrial revolution 4.0 era, promoting electronic payment through QR code platform is vital for settlement enhancing in the market and facilitating smoothly in payment operation which helps promote financial inclusion,” she said.

According to NBC, the QR payment will afford Cambodians with a bank account in riel a lot of advantages Cambodians tourists will be able to purchase goods and pay for medical treatment in Thailand. It will also allow migrant’s workers’ remittances, as well as cross-border payments and even investment.

“This is another effort by the Central Bank to promote the use of the local currency, as well as to increase recognition of the riel abroad,” she emphasized.

(ASIA PACIFIC DAILY)