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In its 27 February 2024 press release, Bank Negara Malaysia announced that Cambodia and Malaysia have signed a Memorandum of Understanding ("MOU") to enhance cooperation of these two countries in financial innovation and payment. This includes, among others, the linking of domestic payments in both countries to enable cross-border QR payments. The MOU will also facilitate cooperative oversight for safer and more efficient transactions.
The MOU supports the ASEAN Regional Payment Connectivity initiative and the G20 Roadmap for cross-border payments. This in turn will boost cross-border trade and tourism between the countries.
It is expected that up to five million merchants, including small businesses, from both countries will benefit from this cooperation.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann Sok & Heng Law Office
Vattanac Capital Office Tower
Level 17, No. 66, Preah Monivong Boulevard,
Sangkat Wat Phnom, Khan Daun Penh
120211 Phnom Penh, Cambodia
http://kh.rajahtannasia.com
Contacts: Heng ChhayManaging PartnerD +855 23 215 734 F +855 23 726 417 heng.chhay@rajahtann.comDesmond WeeDirectorD +65 62320474desmond.wee@rajahtann.com| Rajah & Tann Asia is a network of legal practices based in Asia. |
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