The National Bank of Cambodia (NBC) is working with Lao and Vietnamese authorities to expand the use of KHQR code cross-border payment systems to promote trade and investment as well as increase the scope of regional economic linkages, and in particular, facilitate remittances from overseas workers.
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A user pays for her in-store purchase through a mobile payment app. The Covid-19 pandemic has helped accelerate the adoption of digital payments in Cambodia. Photo supplied
NBC: Fintech fuels 2020 boom in Kingdom s payment systems
Wed, 12 May 2021
Payment systems in Cambodia have seen remarkable strides in line with the evolution of financial technology (fintech) and significantly contribute to the development of the national economy, as digital transactions witness a Covid-19 boom, the National Bank of Cambodia (NBC) said in the 2020 annual report on the payment system.
The central bank reported on May 11 that payment systems have offered substantial support for economic development by providing an efficient and secure financial infrastructure to facilitate transactions, as well as payments for trade in goods and services, and on financial markets.
Contributions to be used exclusively for COVID-19 relief measures.
Tamil Nadu Chief Minister M.K. Stalin on Tuesday appealed to the general public, charity institutions and corporates to contribute generously to the Chief Minister’s Public Relief Fund to help the State government fight the COVID-19 pandemic effectively.
In his appeal, Mr. Stalin said Tamil Nadu was under the grip of the second wave of the COVID-19 pandemic and the State has 1,52,389 active cases, of whom 31,410 were on oxygen support. “The current wave has placed immense stress on the State’s health infrastructure and our people. My government has marshalled all its resources in combating this unprecedented challenge, to protect the lives and livelihood of the people.”
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(From left to right) KOICA Cambodia country director Rho Hyun-jun, South Korean ambassador to Cambodia Park Heung-kyeong, NBC deputy governor Neav Chanthana and NBC technical director-general Chea Serey. KOICA CAMBODIA OFFICE
Central bank rolls out Retail Pay system
Tue, 26 January 2021
The National Bank of Cambodia (NBC) on January 26 officially launched the Retail Pay system, a government effort to reduce cash consumption and boost the use of electronic payments in the economy.
Presiding over the launch, NBC deputy governor Neav Chanthana said Retail Pay is a crucial component of Cambodian financial infrastructure, noting that the system was developed with the support of the Korea International Cooperation Agency (KOICA).