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Official Launch of KHQR Code Payment Service

October 25, 2021

Phnom Penh, October 25, 2021 - ACLEDA Bank Plc., the Bank You Can Trust, the Bank for the People and the first commercial bank listed on Cambodia Securities Exchange (CSX), has announced the launch of payment service through KHQR Code which is initiated and led by the National Bank of Cambodia (NBC).

The KHQR Code is the only one standard QR Code for banking and financial institutions and payment service providers serve the customers for other goods and services settlement in Cambodia through ACLEDA mobile, Bakong App and can scan other Banks' KHQR.

Dr. In Channy, President & Group Managing Director of ACLEDA Bank Plc., stated that the Bank has observed that many shops and other service providers use QR Codes of many Banking and Financial Institutions and payment service providers for settlement which require more space to place them and is hard for the users in selecting any QR for payment. ACLEDA Bank Plc. with other 54 Banking and Financial Institutions have jointly developed this KHQR payment service which is the automated and integrated all QR Codes into one QR Code for settlement among members Banks, Financial Institutions, and payment service providers for entire banking and financial sector. It provides a better convenient service to the users with high efficiency, safety, and confidence. The unique KHQR development for entire banking and financial sector is under initiative and full support of the NBC, in particular Her Excellency Dr. Chea Serey, Assistant Governor and Director General of Central Bank of the NBC, who is a founder of Bakong sytem which is core payment system used Blockchain technology.

Her Excellency Dr. Chea Serey, Assistant Governor and Director General of Central Bank of the NBC, said that currently the development in technology and competitive in financial sector provides opportunity and boost Banking and Financial Institutions to issue their tools and innovative payment service to pubic such as payment through internet system, mobile, and QR Code, etc. However, the payment via QR Code so far has less effective and convenient for customers since the customers cannot make mutual payment across the institutions. In order to respond this issue and to implement in line with the financial development strategy of the Royal Government of Cambodia, the NBC promulgated the Prakas on Sample of KHQR spec for payment dated 26 June 2020. The NBC congratulates ACLEDA Bank Plc. for all-out effort to develop and launch the KHQR payment service, which is convenient for the customers making mutual payment of goods and services through Bakong App, ACLEDA mobile, and Mobile Apps of other Banking and Financial Institutions. I hope that the launch of the KHQR Code payment service will take part in promoting payment system innovation, push financial inclusive, facilitate transactions across Banking and Financial Institutions, reduce operating cost, and strengthen safety of payment system in Cambodia.

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