PHNOM PENH, Nov. 13 (Xinhua) -- Cambodia and Singapore have launched the first phase of cross-border QR code payment connection, said a press release from the National Bank of Cambodia (NBC) on Thursday.

NBC's Governor Chea Serey presided over the launch event on the sidelines of the Singapore Fintech Festival 2025 in Singapore on Wednesday.

"With the launch of Phase 1, Cambodian travelers visiting Singapore who hold local currency, Khmer Riel, bank accounts can now make payments conveniently, quickly and securely by using the Bakong app or other mobile banking applications to scan RoamQR codes available at SGQR merchants across Singapore," the press release said.

This bilateral initiative promotes the use of local currencies, eliminates the need for physical currency exchange or payment cards, and facilitates real-time transactions, it added.

This cross-border payment project represented a significant step forward in enhancing trade, investment, and tourism between the two countries, thereby advancing their shared goal of sustainable economic growth, it added.

It also supports the shared vision of an inclusive and interoperable ASEAN payment ecosystem, said the statement.

To date, Cambodia has launched cross-border payment projects with Thailand, Vietnam, Laos, South Korea, Malaysia, Japan, Singapore, and UnionPay International.