The National Bank of Cambodia (NBC) has officially joined the Regional Payment Connectivity (RPC) initiative, marking a significant milestone in Southeast Asia’s financial integration efforts. The announcement was made during the launch of Phase 2 of the Malaysia-Cambodia cross-border QR payment linkage, held on the sidelines of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur.
NBC’s participation was formalised through the signing of the fourth supplemental page of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC). With this, Cambodia becomes the ninth ASEAN nation to join the initiative, which aims to foster faster, cheaper, more transparent, and inclusive cross-border payments.
Speaking at the launch event, Bank Negara Malaysia (BNM) Governor Abdul Rasheed Ghaffour expressed his delight at the progress made since the initial agreement between BNM and NBC just a year ago. “The MOU lays the groundwork for more efficient cross-border payments that benefit both nations, in line with our shared vision for greater regional economic and financial integration,” he said.
Governor Rasheed highlighted the encouraging uptake of the service since Phase 1 went live in Phnom Penh in September 2024, particularly among Cambodian visitors using DuitNow QR in Malaysia. With the second phase now active, Malaysians can easily transact with over 4.5 million Cambodian merchants via KHQR using participating mobile payment apps.
“Today’s achievement is a testament to the collaborative efforts of various parties to operationalise this linkage,” he added, while thanking key stakeholders including NBC Governor Chea Serey and her team, PayNet, Maybank, and BNM staff.
He also congratulated Cambodia on joining the RPC initiative, noting that it marks another step forward in ASEAN’s collective journey toward stronger regional financial integration. “Our collective payment connectivity efforts are set to significantly boost our individual economies and ASEAN as a whole,” he said.
Governor Rasheed cited that in 2024 alone, 5.2 million cross-border QR payment transactions were recorded in the region—a fourfold increase from the previous year—showcasing the real-world impact and growing demand for such services.
As 2025 ASEAN Chair, Malaysia will continue to lead efforts to expand payment linkages and increase their usage across the region. He emphasised the need to also focus on managing emerging risks related to cybersecurity, fraud, money laundering, and terrorism financing through stronger oversight and regulatory cooperation.
He called on the financial industry to take part in key international initiatives such as the BIS-led Project Nexus, which has just incorporated Nexus Global Payments (NGP) to bring multilateral payment connectivity infrastructure to life. He also pointed to promising developments in blockchain-powered wholesale payment innovations such as Project Mandala, Rialto, and BNM’s own exploration under Project Mawar.
“Today’s launch represents more than just the introduction of a new cross-border payment service—it is a testament to what we can collectively achieve when technology aligns with trust, vision is paired with execution, and countries join hands in the true spirit of partnership,” Governor Rasheed concluded.
NBC Governor H.E. Dr. Chea Serey, in her remarks, echoed the importance of cooperation in fostering regional economic growth and establishing a more interconnected ASEAN payment landscape.
The RPC initiative was launched in 2022 by the central banks of Indonesia, Malaysia, the Philippines, Singapore, and Thailand, and has since expanded to include Vietnam, Brunei Darussalam, Lao PDR, and now Cambodia. It continues to play a vital role in advancing economic connectivity, empowering SMEs, and facilitating seamless trade and travel across the region.