The National Bank of Cambodia (NBC) has officially announced a significant strategic partnership with TenPay Global, a prominent Chinese financial technology firm. This collaboration is designed to substantially enhance and accelerate digital payment capabilities between Cambodia and China, fostering broader financial connectivity and convenience for users in both nations. The announcement was made via an official press release from the NBC, highlighting a crucial step forward in the region’s digital economic integration.
The cooperation, aimed at developing a robust and potential financial sector between Cambodia and China, was formalized through the signing of a Memorandum of Understanding (MoU). Ms. Chea Serey, Governor of the National Bank of Cambodia, and Mr. Daniel Hong, Vice President of Tencent Financial Technology – the parent company of TenPay Global – jointly signed the agreement. This landmark event took place on November 12 during the Singapore Fintech Festival 2025, held in Singapore.
A core objective of the MoU between the NBC and TenPay Global is to drive interoperability between Cambodia’s domestic Bakong payment system, particularly its KHQR standard, and China’s widely used Weixin Pay mobile payment network. This integration is expected to make cross-border digital payments between the two countries more extensive, seamless, and efficient.
According to the NBC, this partnership will facilitate the development of the financial sector, promoting deeper integration of cross-border payments and remittances, including both inbound and outbound transactions, between Cambodia and China with greater ease. Ms. Chea Serey emphasized that this collaboration marks a significant stride forward in bolstering cross-border payment connectivity and fostering financial innovation.
She further elaborated on the expected benefits, stating, “This cooperation will also contribute to promoting financial inclusion, enhancing payment efficiency, encouraging the use of local currency, and supporting continuous digital transformation. Furthermore, it will boost economic exchange between Cambodia and China. By leveraging digital payment technology, we can provide users, merchants, and tourists with more convenient, secure, and efficient financial services.”
Echoing this sentiment, Mr. Daniel Hong of Tencent Financial Technology highlighted that the advancement towards seamless cross-border payment operations is a testament to technological progress and sustainable collaboration. He remarked, “Through joint cooperation with global partners, we enable users to utilize their digital wallets (e-Wallets) everywhere in the world with ease, security, and trust.” He believes this will foster a reliable and interconnected payment ecosystem, benefiting users and creating additional opportunities for global trade.
The partnership comes amidst a rapid surge in the adoption of digital payment services in Cambodia. A recent report from the National Bank of Cambodia reveals that the number of e-wallet accounts has escalated to 22.9 million. Digital payment transactions in Cambodian Riel reached 235.4 trillion Riel, while transactions in US Dollars amounted to 177.5 billion US Dollars during the first half of 2025, underscoring the growing preference for digital financial solutions in the country.
