The National Bank of Cambodia (NBC) and TenPay Global have signed an agreement (called a Memorandum of Understanding or MoU) to work together on financial development.
The main goal is to create a way for Cambodia’s national payment system, Bakong (using KHQR codes), to work directly with China’s popular mobile payment network, Weixin Pay. This will make it much easier for people in both countries to pay each other digitally.
The agreement was signed by H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, and Mr. Daniel Hong, Vice President of Tencent Financial Technology (Tencent is the company that owns TenPay Global). The signing took place on November 12 during the Singapore FinTech Festival 2025.
🤝 What the Collaboration Will Achieve
This partnership is designed to make digital payments between Cambodia and China faster, more common, and more effective.
The two parties will work together to:
- Develop the financial sector.
- Connect cross-border payments (meaning you can use your payment app from one country to pay in the other).
- Improve remittances (making it easier and faster to send money back and forth between the two countries).
✨ Benefits of the New System
NBC Governor H.E. Dr. Chea Serey said this agreement is a huge step forward for linking cross-border payments and encouraging new financial innovations.
She highlighted that the collaboration will:
- Make financial services more accessible to everyone.
- Improve how quickly and efficiently payments are made.
- Promote the use of local currencies in transactions.
- Support the shift to digital technology and boost trade between Cambodia and China.
“By using advanced digital payment tools, we can offer real benefits to shoppers, businesses, and travelers, making financial transactions simpler, safer, and more effective,” she stated.
Mr. Daniel Hong of Tencent Financial Technology added that connecting global payment wallets relies on both new technology and continuous teamwork.
“By working with global partners, we are making it possible for users to confidently use their home payment wallets anywhere in the world, just as they would at home. This helps us build a reliable and connected payment system that truly benefits consumers and creates new possibilities for global trade.”