Bank Negara Malaysia announced that the National Bank of Cambodia has officially joined the Regional Payment Connectivity (RPC) initiative, formalised through its participation in the fourth supplemental page of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity. The announcement was made during the launch of phase 2 of the Malaysia-Cambodia cross-border QR payment linkage on 8 April 2025, on the sidelines of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur. With Cambodia’s entry, the RPC now has nine ASEAN central bank signatories, having been established in 2022 by the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand and later expanded to include Vietnam (August 2023), Brunei Darussalam (February 2024) and Lao PDR (April 2024). The initiative focuses on advancing cross-border payment connectivity, including QR code-based payments and fast payment modalities, to support faster, cheaper, more transparent and more inclusive cross-border payments, with cited benefits including improved market access for small and medium-sized enterprises, enhanced trade facilitation and better remittance flows.
Bank Negara Malaysia 2025-04-08
Bank Negara Malaysia announces National Bank of Cambodia joins the Regional Payment Connectivity initiative, taking signatories to nine ASEAN central banks
Bank Negara Malaysia announced that the National Bank of Cambodia has joined the Regional Payment Connectivity initiative, expanding the group to nine ASEAN central bank signatories. Established in 2022, the initiative aims to enhance cross-border payment connectivity through QR code-based and fast payment modalities, promoting faster, cheaper, and more inclusive transactions. Benefits include improved market access for SMEs, enhanced trade facilitation, and better remittance flows.