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.


  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Newest horror film showcases unique Khmer culture, identity

    At first glance, the trailer to new horror sensation The Ritual: Black Nun looks like a western-produced feature film. As the story reveals itself to the viewers, it becomes clearer that this is a Khmer film, with a strong Cambodian identity and close links to

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one

  • Water supply authority assures public shortages over early ‘24

    The Phnom Penh Water Supply Authority (PPWSA) asked for understanding from Phnom Penh residents in some communes where water pressure is weak. They assured residents that all supply issues will be resolved by early 2024, but have suggested that residents use water sparingly in the meantime.

  • Khmer ballet documentary debuts April 1

    A new documentary, The Perfect Motion, or Tep Hattha in Khmer, will premiere to the public on April 1. The documentary film follows two intertwined storylines: the creation of a show called Metamorphosis by the late Princess Norodom Buppha Devi (her very last production) and the