The National Bank of Cambodia (NBC) and the Bangko Sentral ng Pilipinas (BSP) are strengthening financial cooperation, with discussions in Phnom Penh focused on economic resilience, financial-sector development and plans to connect their national QR payment systems. The proposed linkage is expected to make digital payments between Cambodia and the Philippines more convenient, supporting cross-border transactions, trade and tourism as both countries deepen financial integration within ASEAN.
Key Facts
Cambodian central bank: National Bank of Cambodia (NBC).
Philippine central bank: Bangko Sentral ng Pilipinas (BSP).
Meeting location: Phnom Penh, Cambodia.
Cambodian governor: Chea Serey.
Philippine governor: Eli M. Remolona Jr.
Main cooperation focus: Cross-border QR payments, financial-sector development and economic resilience.
Payment systems involved: Cambodia's Bakong and the Philippines' QR Ph.
Previous cooperation milestone: Central bank memorandum of understanding signed on August 19, 2024.
Current status: Bilateral QR payment connectivity remains under development; no operational launch date was announced.
NBC and BSP Discuss Financial Cooperation in Phnom Penh
NBC Governor Chea Serey met a delegation led by BSP Governor Eli M. Remolona Jr. in Phnom Penh on Friday as the two institutions continued their annual bilateral discussions.
According to an NBC statement released on Saturday, the meeting provided an opportunity for both central banks to discuss developments in their respective economies and financial sectors.
Serey said the discussions covered economic and financial-sector development, as well as the challenges and measures adopted by both countries to strengthen economic resilience amid global financial uncertainties.
The meeting also included an extended dialogue and question-and-answer session involving banking and economic officials from both institutions.
Philippine participants included BSP Deputy Governor Bernadette Romulo-Puyat.
Cambodian officials included NBC Director-General of Policy and International Cooperation Khou Vuthy; Deputy Governor Sum Sannisith; Deputy Director-General of Central Banking Operations and Director of the Payment System Department Ouk Sarat; Director of the Regulatory Policy and Risk Assessment Department Mak Reaksmy; and economist Vy Sakada.
Cambodia and Philippines Advance Cross-Border QR Payment Plans
One of the central areas of cooperation is the proposed connection between Cambodia's Bakong payment system and the Philippines' QR Ph national QR code standard.
According to the NBC's biannual report, the central bank remains in discussions with the Philippines to establish a bilateral cross-border QR payment system.
The proposed connection aims to facilitate digital transactions between the two countries, making payments more convenient for individuals and businesses.
For Cambodian travellers visiting the Philippines and Filipino visitors to Cambodia, the linkage could eventually simplify payments at participating merchants. It could also support commercial transactions and broader financial connectivity.
The initiative builds on previous discussions between the two central banks.
At their second annual bilateral meeting, held on August 18, 2025, in Bohol, the Philippines, Chea Serey and Eli M. Remolona Jr. agreed to accelerate work on the bilateral QR payment linkage.
Officials also exchanged experience and views on macroeconomic developments, banking-sector issues, financial literacy and consumer protection.
Bakong and QR Ph: Connecting Two National Payment Systems
Cambodia's Bakong is a national payment and banking system that supports digital transactions and cross-border QR payment connections.
The Philippines' QR Ph is its official national QR code standard, supporting instant digital person-to-person transfers and person-to-merchant payments.
Connecting the two systems would build on Cambodia's wider strategy of expanding regional payment interoperability.
According to the information provided by the NBC, Cambodia has already established Bakong payment connections with several ASEAN countries:
Thailand
Vietnam
Laos
Malaysia
Singapore
Payment linkages with the Philippines and Indonesia remain under development.
Beyond ASEAN, Cambodia has also established financial connections with China, South Korea, Japan and India.
The NBC is continuing to develop payment integrations under signed memoranda of understanding with Bhutan, Rwanda, Fiji, the Solomon Islands and Myanmar.
These connections form part of Cambodia's broader effort to strengthen digital financial infrastructure and make cross-border payments more accessible.
2024 Memorandum of Understanding Provides Foundation for Cooperation
The latest discussions build on a memorandum of understanding signed by the NBC and BSP in Siem Reap on August 19, 2024.
The agreement established a framework for closer cooperation between the two central banks.
Its areas of collaboration include:
Payment connectivity and innovation
Digital financial innovation
Banking supervision
Human resource development
The MoU has provided a foundation for continued engagement and practical initiatives, including efforts to connect the countries' national payment systems.
The annual bilateral meetings allow both institutions to review progress, exchange expertise and identify further opportunities for cooperation.
Cross-Border Payments Could Support Trade and Tourism
Improving payment connectivity is increasingly important as ASEAN economies expand regional trade, tourism and digital financial services.
For businesses, more convenient cross-border payment arrangements could reduce friction when conducting transactions with customers and partners in neighbouring markets.
For travellers, interoperable QR payment systems could make everyday purchases easier without requiring the same level of reliance on cash exchange.
For Cambodia, expanding Bakong's international connections also supports the development of its digital financial ecosystem and the wider use of the riel in regional transactions, alongside US-dollar payments where supported.
However, the practical benefits of the Cambodia–Philippines linkage will depend on its eventual technical arrangements, participating financial institutions, merchant acceptance and official launch.
Angkor Times Analysis: Payment Connectivity Is Becoming Part of ASEAN Economic Integration
The NBC–BSP discussions reflect a wider shift towards interconnected digital payment infrastructure across Southeast Asia.
As cross-border trade, tourism and regional business activity increase, the ability to make convenient payments across national markets is becoming an important part of economic connectivity.
For Cambodia, Bakong provides a platform to expand this connectivity beyond domestic transactions. Its existing links with Thailand, Vietnam, Laos, Malaysia and Singapore demonstrate the country's progress in developing regional payment arrangements.
The Philippines represents another important market for this strategy. A successful connection between Bakong and QR Ph could make payments more convenient for travellers and businesses operating between the two countries.
However, payment-system connectivity should not be measured simply by the number of bilateral agreements or announced partnerships. Its real value will depend on whether people and businesses can use the services reliably, at competitive costs and across a sufficiently broad network of participating merchants and financial institutions.
The next milestone will be the implementation of the Cambodia–Philippines linkage. Once operational, it could strengthen financial cooperation and provide another practical example of how digital infrastructure can support ASEAN economic integration.
Frequently Asked Questions
1. Which central banks are strengthening cooperation?
The National Bank of Cambodia and the Bangko Sentral ng Pilipinas are deepening their financial cooperation.
2. Who led the two central bank delegations?
The Cambodian side was led by NBC Governor Chea Serey, while the Philippine delegation was led by BSP Governor Eli M. Remolona Jr.
3. What is the main focus of their payment cooperation?
The central banks are working towards connecting Cambodia's Bakong system with the Philippines' QR Ph national QR code standard.
4. Is the Cambodia–Philippines QR payment system already operational?
The proposed bilateral linkage remains under development. No operational launch date was announced in the source report.
5. When did the two central banks sign their cooperation agreement?
The NBC and BSP signed a memorandum of understanding in Siem Reap on August 19, 2024.
6. Which ASEAN countries are already connected with Cambodia's Bakong system?
Cambodia has established payment connections with Thailand, Vietnam, Laos, Malaysia and Singapore. Linkages with the Philippines and Indonesia are under development.
7. How could the payment connection benefit businesses and travellers?
It could make digital payments between Cambodia and the Philippines more convenient, supporting merchant transactions, tourism spending and cross-border business activity.