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How Will Cross-Border QR Payments Transform ASEAN’s Economy?

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by Mikhail Hamilton
April 9, 2025
Image Credit: gpointstudio / Freepik
How Will Cross-Border QR Payments Transform ASEAN’s Economy?
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Bank Negara Malaysia (BNM) and the National Bank of Cambodia have launched the second phase of the Cross-Border QR Payment initiative to enhance digital payment connectivity between Malaysia and Cambodia. The initiative, which started in 2024, aims for seamless and instant payments between the nations through participating financial institutions. The initial phase allowed Cambodian users to make retail payments in Malaysia using DuitNow QR codes, leading to a significant rise in transactions and setting the stage for expansion.

During the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting, BNM Governor Datuk Seri Abdul Rasheed Ghaffour and Cambodian Governor Chea Serey emphasized the initiative’s economic and cultural advantages. They noted its potential to enhance regional trade, investment, tourism, and support small and medium-sized enterprises (SMEs) by opening new markets via digital payments.

A key focus was the initiative’s impact on financial inclusion and regional economic growth. Governor Rasheed highlighted the benefit to over seven million merchants and Malaysia’s commitment to secure payment ecosystems, including measures against cybersecurity threats and fraud.

The success of the Cross-Border QR Payment system is notable, with transactions quadrupling to 5.2 million in 2024, indicating strong demand for digital payment solutions in ASEAN.

Governor Serey also remarked that the initiative represents more than technical progress; it connects cultures, economies, and people, promoting resilience and inclusive growth. This technology integration aims to bring even the smallest merchants into the global digital economy.

With Malaysia assuming the ASEAN chairmanship, the country is focused on advancing regional payment connectivity. Maintaining a secure payment environment via strengthened cooperative oversight remains a priority to manage risks.

Overall, the second phase of the Cross-Border QR Payment initiative is a milestone in ASEAN’s journey towards a connected, resilient digital economy, fostering ongoing collaboration and future growth while extending digital payments to a broader population segment.

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