Logo of Phnom Penh Post newspaper Phnom Penh Post - BoT will expand QR code services in Asean

BoT will expand QR code services in Asean

Content image - Phnom Penh Post
The Bank of Thailand said it will expand QR cross-border payment to Cambodia in the middle of this year. Photo supplied

BoT will expand QR code services in Asean

The Bank of Thailand (BoT) has said it would expand QR cross-border payment to three Asean countries – Singapore, Myanmar and Cambodia – and the service was expected to begin in the middle of this year, said BoT assistant governor for payment systems policy and financial technology Siritida Panomwon na Ayudhya.

Each local bank has developed regional interoperability for standardised QR code payment that can be used in different countries under the sponsoring bank and switching-to-switching systems.

Some financial institutions have already developed and opened their services in a foreign country, such as Thanachart Bank, which opened its digital payment service in Laos last year. Krungsri Bank provided QR payment in Japan last year and Krungthai Bank jointly developed a cross-border payment system with Singapore.

The development of the payment system is a collaboration between central banks, financial institutions and payment service providers in the Asean region.

Meanwhile, under the National e-Payment roadmap of Thailand, this year will mainly focus on payments and international transactions.

As for the statistics on information technology system failures in the fourth quarter of last year, it was found that the number of online payment system crashes had increased to 17 times compared with 12 times in the third quarter, but the service provider needed less time to solve problems and provide continuous banking services.

THE NATION (THAILAND)/ANN

MOST VIEWED

  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Kep selected for ‘world-class’ 2.7km beach development

    Kep province has been selected as the first site of a new coastal development initiative, with a “world-class” 2.7km beach planned for the near future. The Kep Provincial Administration met with the National Committee for Coastal Management and Development to discuss the development of the