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NBC, Korean Financial Institutions Promote Cross-Border QR Code Payment

Phnom Penh, 17 May 2024 – The National Bank of Cambodia (NBC) and three South Korean financial institutions – JB Bank, Kookmin Bank, and Woori Bank – have entered into a cooperation agreement to promote cross-border payments and remittances for migrant workers.

Dr. Chea Serey, NBC Governor, signed three separate bilateral Memorandums of Understanding (MoUs) on "Cross-Border QR Code Payment" during the Cambodia-Korea Business Forum on May 16 in Seoul, the Republic of Korea, according to a press statement.

The signing ceremony was presided over by Hun Manet, Prime Minister of Cambodia, during his official visit to the Republic of Korea from May 15 to 18, 2024.

Additionally, Credit Bureau Cambodia signed a tripartite MoU with Credit Bureau Korea and JEONBUK Bank on "Cross-Border Credit Report Sharing" between Cambodia and the Republic of Korea.

NBC stated that these MoUs will facilitate tourism business activities and promote cross-border payment transactions, remittances, and payments in the national currency, enhancing trust, security, efficiency, stability, and environmental benefits for the people and businesses of both countries.

Moreover, it will contribute to strengthening the exchange of credit information more effectively and securely.

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