Cambodia Joins ASEAN Payment Pact to Boost Cross-Border Trade

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NBC

 

Cambodia has officially joined Southeast Asia’s regional payment connectivity initiative, marking a major step toward deeper financial integration across the ASEAN bloc.

 

The National Bank of Cambodia (NBC) confirmed its participation during a high-level meeting in Kuala Lumpur on 8 April, where the second phase of the Malaysia-Cambodia QR payment system was also launched. The announcement came on the sidelines of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting.

 

Cambodia becomes the ninth ASEAN member to join the Regional Payment Connectivity (RPC) initiative, which was first launched in 2022 by the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand. The pact has steadily expanded, with Vietnam joining in 2023, followed by Brunei and Laos earlier this year.

 

The RPC aims to make cross-border payments faster, cheaper, and more transparent. It supports payment technologies such as QR codes and real-time transactions, allowing consumers and businesses to move money seamlessly across borders. For small and medium-sized enterprises in particular, the system promises easier access to regional markets and improved trade and remittance flows.

 

“Participating in the RPC initiative will foster regional economic growth and establish a more interconnected payment system within ASEAN,” said Dr Chea Serey, Governor of the National Bank of Cambodia.

 

The move highlights Cambodia’s growing role in ASEAN’s digital economy and its ambition to modernise financial infrastructure. It also signals continued momentum behind efforts to harmonise payment systems in the region—crucial for strengthening intra-ASEAN trade and financial resilience.

 

With the addition of Cambodia, the RPC’s expanding membership reflects broader regional aspirations to make cross-border transactions as simple as domestic payments. Observers expect more ASEAN economies—and possibly partners beyond the region—to adopt similar frameworks in the near future.

 

 

-2025-04-15