Logo of Phnom Penh Post newspaper Phnom Penh Post - ACLEDA set to launch KHQR in VN by Dec, in Laos by Mar 2023

ACLEDA set to launch KHQR in VN by Dec, in Laos by Mar 2023

Content image - Phnom Penh Post
Motorcyclists ride past ACLEDA Bank’s headquarters on Monivong Boulevard. Hong Menea

ACLEDA set to launch KHQR in VN by Dec, in Laos by Mar 2023

Local public-listed ACLEDA Bank Plc plans to launch the KHQR universal quick response (QR) code system in Vietnam and Laos, and go live by end-2022 and the first quarter of 2023, respectively, in a move to facilitate cross-border payments as well as promote trade and investment, according to a senior executive.

“[The bank has] expanded its cross-border payment [capabilities] with Vietnam … and Laos,” ACLEDA senior executive vice-president Mar Amara told The Post, assuring that KHQR would go live in Vietnam “in the very near future”.

“Together with these, we also have set out the next plans for ASEAN with linkage with multilateral parties and partners through NEXUS Hub, or bilateral connection, as ACLEDA Bank has done with Thailand, Vietnam, and on progress with Laos, and digital trade that is under studying to connect with Thailand, ASEAN and APEC [Asia-Pacific Economic Cooperation],” she said.

Amara’s comments come just over a week after the Cambodian and Vietnamese central banks entered into a memorandum of understanding (MoU) on cooperation in financial innovation and payment systems on November 8, in a move to accelerate development in the sector and boost cross-border payments between the two neighbouring ASEAN nations.

Amara sees the MoU as essential for the success of KHQR and the broader fintech ecosystem, asserting that the deal will encourage and improve the favourable and enabling conditions and environments needed for dependable, secure, trustworthy, efficient and effective cross-border payments.

“From our perspectives and expectation[s], such an important [partnership between adjacent nations] will greatly foster the cross-border payment [solutions conducive to] trade and investment [between] the two countries.

“It will be [a] more convenient, secure and cost-effective payment system [that incorporates] fintech and digital banking, [and] will further facilitate, improve and expedite cross-border trade, particularly [for the] commodity trade, business [and] investment, and strengthen socio-economic connections and links between the two countries.

“The KHQR standard for banking [QR] codes will be strongly promoted in Vietnam, similar to the arrangement that the NBC [National Bank of Cambodia] entered into with the Bank of Thailand,” she said, referring to an MoU signed between the Cambodian and Thai central banks in February 2019.

Four months later, the NBC selected three banks to implement a Cambodian-Thai QR code-based payment system: ACLEDA, Foreign Trade Bank of Cambodia and Cambodian Commercial Bank Ltd. Following a pilot run, the central bank officially launched the KHQR system on July 3, 2022.

According to the NBC’s 2021 Financial Stability Review, electronic payment transactions amounting to 415.5 trillion riel ($100 billion) were recorded nationwide last year. This marked an increase of 34.5 per cent year-on-year, as the number of e-wallet accounts reached 13.6 million, representing more than 80 per cent of the total population.


  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Takeo hand-woven silk items provide local high-quality alternative to imports

    After graduating from university and beginning her career as a civil servant at the the Ministry of Economy and Finance, Khieu Sina found time to establish a business that aligns with her true passion – quality hand-woven Khmer goods. Her product line, known as Banteay Srei,

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,