The National Bank of Cambodia (NBC) and Ant International sign a memorandum of understanding (MoU) on cross-border payments between Bakong and Alipay+ on October 14. NBC
The National Bank of Cambodia (NBC) and Ant International signed a memorandum of understanding (MoU) on cross-border payments between Bakong and Alipay+ this morning, October 14.
The agreement will extend seamless payments for millions of customers and merchants via the two mobile payment systems and their partners.
Chea Serey, NBC governor, addressed the launch event, explaining that currently, visitors from Thailand, Vietnam, Laos, South Korea and Malaysia can make payments via Bakong, to more than 3 million merchants in Cambodia.
The new MoU with Alipay+ includes China, Singapore, Malaysia, Philippines, South Korea, and more, through Bakong and Alipay+.
“Following this launch, users of more than 10 payment apps who are Alipay+ partners can scan KHQR codes to complete payment in Cambodia. In the next phase, Cambodia residents will be able to use local wallets to optimise their payment experience across border mobile payments when travelling to China, as well as other countries where merchants accept Alipay+,” she said.
She added that the introduction of cross-border QR code payments elevates financial cooperation by leveraging technology to benefit consumers. It will contribute to the promotion of trade activity, tourism and financial inclusion within Cambodia and the regions.
Edward Yue, general manager of Southeast Asia, Australia and New Zealand and Global Strategic Partnerships at Ant International, explained at today’s launch that NBC and Ant International began discussions on the MoU a year ago in Singapore, home of Ant International.
“Along with NBC, we're so proud to announce that we have brought 12 international leading e-wallets and bank apps to Cambodia via our Alipay solution. Travellers from nine countries can now pay seamlessly at Bakong network merchants via KHQR, with more to be progressively added,” he said.
He noted that Cambodia’s digitisation technology-driven approach has laid the foundation for inclusive economic growth, providing opportunities for businesses, entrepreneurs and citizens alike.
According to Yue, Alipay was founded in 2020 based on these values and working with regulators, payment partners, global merchants and others in the industry to promote interoperable cross-border payments with some of Asia's biggest mobile wallets, connecting them to merchants all around the world.
He said the rise of mobile and QR payments will be a driving force for micro SMEs, allowing them to easily connect with global consumers with a simple scanning action breaking down barriers and forming bridges.
He noted that the Alipay+ ecosystem includes more than 30 payment partners with 1.6 billion users, connecting them to more than 90 million merchants in 66 markets.
“Our partnership with national QRs like KHQR today is an integral to our approach; not just to enable wide world acceptance for consumers but also to enable inclusion at scale with majority of these merchants being micro SMEs,” he said.
As global tourism starts to recover, Yue believed that mobile wallets will enable easy payment from tourists from top inbound markets into Cambodia including China, South Korea, Thailand and others.
“With tourism a key pillar of Cambodia's economy, we believe Alipay+ integration with KHQR will better support the local travel ecosystem, allowing travellers to fully experience Cambodia through small shops, attractions, food and more,” he said.
