B2B Cambodia interviewed Dr. In Channy, President of ACLEDA Bank, to discuss the bank's support of the new cross-border QR payment linkage between Cambodia and Singapore. The payment connection was officially launched on November 12 on the sidelines of the 2025 Singapore FinTech Festival (SFF).
ACLEDA Bank is one of two local sponsoring banks supporting Phase 1 of this initiative, which allows Cambodian travellers to make payments via a Bakong-connected mobile banking application, linked to a Khmer Riel account, at participating Singapore merchants that display Liquid Group's RoamQR codes.
B2B Cambodia: What impact will unlocking cross-border QR payments between Cambodia and Singapore have on tourism and trade?
Dr. In Channy: "Cross-border payments leapfrog traditional payments to go digital. This is very helpful to encourage more visitors, enabling them to make payments conveniently, securely and in real-time. The key thing is they don't need to exchange money to other currencies. But, the condition is they must have an account with ACLEDA Bank in the local currency, in Riel, and they can scan and make payments in Singapore. So this helps increase the number of tourists and amount of trade, making it more secure and convenient for both personal and business use.
“From Cambodia's side, ACLEDA bank, alone, we have nearly 700,000 partners, of which, nearly 5 million have registered for the ACLEDA Super App. Looking into the number of customers, like depositors, we have nearly 6 million, and the total balance is USD 9 billion. The key thing is to work on both sides to recruit partner merchants on both sides. I think this is key so that travellers and businesses on both sides, tourists on both sides, get to know about and experience cross-border payments.”
B2B Cambodia: Why is being at the forefront of cross-border QR payment developments a priority for ACLEDA Bank?
Dr. In Channy: "I think that as a bank we need to provide financial services, make financial services convenient for our customers. So, at all times we try to find and develop our strategy to adapt to a new environment, adapt to changes, so that we can provide the best support, so that we can provide better financial services to our customers. The second thing is, ACLEDA Bank has a powerful IT system, which is supported by two data centres. Our engineers have the capability to develop the system and get connected with our partners securely and conveniently.
“Thirdly, in terms of market share, number of customers, number of accounts for both loans and deposits, we have 15 per cent respectively. One of the conditions to make cross-border payments workable, or possible, is people need to have accounts in the local currency. So at ACLEDA Bank, around 23 per cent of the total USD 9 billion balance, is held in Khmer riel. Those are three important things that ACLEDA Bank is always at the forefront of. One, we think about our customers. Second, we have an enabling system and team. Third, we have a significant stake in the banking sector.”
B2B Cambodia: What cross-border payment partnerships can we expect to see next for Cambodia?
Dr. In Channy: During the [Singapore FinTech Festival], the National Bank of Cambodia (NBC) signed an MOU with WeChat, so China is always in our map. The other one India, so these are two countries [we focus on] beyond ASEAN. But, of course, other countries in ASEAN, we need to fulfill [cross-border payments with] too so that we can support our customers and make cross-border payments secure and convenient.
“In 2024, we had around 150,000 transactions, a total amount of USD 7.7 million, which is very small, but it was done in local currency. When I look at the first 10 months of 2025, the number of transactions rose to 173,000, at a total value of USD 16 million. This is because we created an enabling system, the digital infrastructure, which customers can use securely and conveniently. That's why we look forward to [cross-border payment linkages with] China and India, as they will make payments increase drastically.”