Cambodian citizens holding bank accounts denominated in Riel can now conveniently pay for a wide array of goods and services in Singapore. This significant advancement in digital finance allows users to make secure and swift transactions by simply scanning merchants’ SGQR RoamQR codes across Singapore. This initiative officially commenced following the National Bank of Cambodia’s (NBC) formal launch of cross-border QR Code payments between Cambodia and Singapore.
This first phase of the cross-border QR payment system empowers Cambodian individuals traveling to Singapore to utilize their Riel-denominated bank accounts for purchases. Transactions are executed effortlessly through the Bakong payment application or mobile banking applications provided by financial institutions that are members of the Bakong system. This integration enables users to scan and pay at any SGQR merchant, ensuring a smooth, rapid, and secure payment experience.
The National Bank of Cambodia emphasizes that this bilateral cross-border payment cooperation is poised to play a crucial role in enhancing the usage of the national currency, the Riel. It also significantly reduces the necessity for currency exchange and reliance on traditional payment cards, by facilitating instant transactions. The NBC further articulated that “this initiative is absolutely essential for fostering improved trade, investment, and tourism activities between the two nations, thereby supporting sustainable economic growth for both countries.”
This cross-border payment project, connecting Cambodia and Singapore, has been collaboratively developed with key private sector partners. These include ACLEDA Bank, Phillip Bank, and the Liquid Group payment network. Their involvement underscores the vital contribution of the private sector in advancing digital cross-border payment connectivity. This partnership aligns with the National Bank of Cambodia’s long-term vision to promote inclusive and innovative financial interoperability across the ASEAN region.
Looking ahead, the next phase of this initiative will extend convenience to Singaporean residents. They will soon be able to pay for goods and services at Cambodian merchants by scanning KRQR Codes through their mobile banking applications. Beyond Singapore, Cambodian Riel account holders already enjoy the convenience of making payments in several other countries, including Thailand, Laos, Vietnam, Malaysia, China, and South Korea, as well as other regional and international destinations.
The adoption of digital payment services in Cambodia continues its rapid upward trajectory. The number of e-wallet accounts has surged to 22.9 million. Furthermore, digital payment transactions processed in Riel reached an impressive 235.4 trillion Riel, while transactions in US Dollars amounted to 177.5 billion US Dollars during the first half of 2025, according to a report from the National Bank of Cambodia.
