Cambodia Enables Riel QR Payments Across Four ASEAN Nations

Yeam Leat, NBC

Cambodians can now make cashless payments in Thailand, Vietnam, Laos, and Malaysia using their national currency, the Khmer Riel (KHR), marking a significant step in the country’s push for regional financial integration and currency independence.

The announcement came from Yim Leat, Deputy Governor of the National Bank of Cambodia (NBC), during a ceremony in Kratie province commemorating 45 years since the reintroduction of the Riel. The initiative is part of a broader strategy by the NBC to promote the national currency and digital payments, especially through the Bakong and KHQR systems.

“At present, cross-border payments can be made in Riel simply by scanning QR codes—no need for US dollar conversions,” Leat stated, highlighting the growing ease and security of regional transactions.

The Bakong system, Cambodia’s blockchain-based payment infrastructure, enables digital transfers, payments, and withdrawals both locally and across ASEAN borders. The KHQR code platform, launched in July 2022, has further streamlined cross-border payment capabilities, linking Cambodian users with partner banks and merchants in neighbouring countries.

The central bank hopes the initiative will reduce reliance on the US dollar and boost confidence in the Riel, which has long played second fiddle in a heavily dollarised economy. Public outreach campaigns, such as the recent one in Kratie, aim to increase understanding and adoption of the Riel in everyday transactions, particularly through digital platforms.

The NBC is also updating its banknotes, issuing new bills to match economic growth and replace worn currency, reinforcing both functionality and security.

Cambodia’s cross-border QR payments signal not just technical progress but a deeper regional financial integration—with the Riel at its core.

-2025-05-19