“Cambodia-Laos Exchange”! ​ACLEDA Bank Plc launches cross-border payment system with Laos


[INNEWS Comprehensive Report] On August 18, In Channy, President and CEO of ACLEDA Bank Plc, announced an important news: ACLEDA Bank Plc and Laos launched a QR code cross-border payment service. This initiative further promotes the widespread use of riel for payments in the ASEAN region, and is also in line with the vision of the National Bank of Cambodia.

In Channy said that as a member of the Bakong payment system, ACLEDA Bank Plc continues to fulfill its mission after the achievements of the Bakong system. Following the successful launch of cross-border QR code payments in Thailand and Vietnam, the Lao People’s Democratic Republic has joined the ranks.

ACLEDA Bank Plc and its subsidiary in Laos, ACLEDA Bank Plc Laos Limited, have been selected as payment banks for cross-border payment transactions between Cambodia and Laos, for transactions accepting payments in local currencies (riel and Lao kip).

This cross-border payment aims to facilitate payments between the two countries and regions to support the financial environment and ASEAN economic integration. QR code cross-border payment enables consumers and the public to purchase goods and pay by simply scanning the QR code when traveling to neighboring countries, making shopping and payment more convenient and secure.

In Channy pointed out that this digital payment system will provide tourists and businesses with a better payment experience, and enhance the value of the local currencies of the two countries, which not only facilitates payment transactions, but also reduces operating costs. As a next step, all Bakong Member customers will be able to make payments in Cambodian Riel from their mobile banking accounts in Laos. It is foreseeable that in the near future, Lao people will also be able to easily scan and pay in Cambodia.

Chea Chanto, former governor of the National Bank of Cambodia, said on July 30 that the connection between the Cambodian payment system and countries in the region has been strengthened and expanded, contributing to the promotion of trade, investment and tourism, as well as the contribution of Cambodians working abroad to special families. remittance.

It is understood that Cambodia and Thailand officially launched the second phase of the QR code payment system on June 6. Through this initiative, the two countries can improve the financial environment and the use of local currencies as well as cross-border trade flows and tourism.