PPCBank’s Shareholder Becomes First Korean Bank to Introduce Cross-Border QR Payments in Cambodia

The ceremony was jointly presided over by H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, Mr. KIM Tae Hyun, Vice President of Jeonbuk Bank, and Mr. LEE Jin Young, President of PPCBank.

The launching ceremony was held at Rosewood Phnom Penh, aiming to encourage the use of Khmer riel for payments by South Korean visitors in Cambodia, supports economic integration between the two countries, and contributes to greater levels of financial inclusion, which is in line with the NBC’s vision.

“Today’s event is another milestone for the National Bank of Cambodia in opening a new corridor of cross-border payments via QR Code between the Republic of Korea and the Kingdom of Cambodia, which will bring the financial cooperation between both countries to an all-new height through the use of financial technology that directly benefits the people of the two countries. In addition, the launch of new cross-border payments will contribute significantly to promoting trade activities, boosting tourism and supporting the financial environment in Cambodia.” – said H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia

Vice President of Jeonbuk Bank, Mr. KIM Tae Hyun, addressed those gathered to witness the launch, saying, “This official implementation ceremony for the initiative is a new milestone to allow our subsidiary, PPCBank, to play a key role operating this payment system while creating a financial bridge between South Korea and Cambodia. This joint effort caters to travelers from South Korea, conveniently enabling them to pay in Khmer riel without needing foreign exchange, not only will this contribute to the resurgence of international travel, but also help foster increased economic development in Cambodia.”

Through this collaboration, South Korean tourists in Cambodia who have the JBB Mobile App can effortlessly scan a PPCBank merchant’s KHQR code and complete transactions instantly. To promote riel usage, payments will be made in Khmer riel, and the transactions are free of charge for both the customer and the merchant, helping them grow their businesses while reducing operating costs.

According to NBC, the system enables the new Jeonbuk Bank KHQR scanning function at more than 3.3 million stores across Cambodia. JBB Mobile App users can spend up to six million riels per transaction per day, which equates to approximately USD 1,500 or just over two million Korean won.

In addition to eliminating the need for currency exchange for South Korean tourists, it also creates greater levels of security. Being able to use their JBB Mobile App for payments in Khmer riel, tourists will have no need to draw or carry cash, further enhancing their travel experience in the kingdom.

To celebrate the launch, Jeonbuk Bank also lowered fees for its real-time overseas remittance services from South Korea to Cambodia via NBC’s Bakong payment platform. These remittances can be conducted for as little as USD 1.50 per transaction, making the service more affordable for Cambodians living and working in South Korea who wish to send money home. They can transfer up to USD 5,000 per day via the JBB Mobile App.