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.
