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

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.

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

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

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

On the occasion, Credit Bureau Cambodia also signed a tripartite MoU with Credit Bureau Korea and JEONBUK Bank on "Cross-Border Credit Report Sharing" between the Kingdom of 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, thereby increasing trust, security, efficiency, stability and more environmentally beneficial for the people and businesses of both countries.

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