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Bank of Thailand is ready to launch a cross-border payment via QR code technology in Singapore and Cambodia by the middle of 2020

Bank of Thailand is ready to launch a cross-border payment via QR code technology in Singapore and Cambodia by the middle of 2020, aiming to leverage financial transaction through the digital platform across the ASEAN region. Following the country’s e-payment roadmap for 2020, local banks have developed regional interoperability for standardised QR code payment that can be used different counties under sponsoring bank and switching-to-switching systems. The initiative has been implemented by several Thai banks in neighbouring countries. For instance, Siam Commercial Bank (SCB) has developed digital payment in Cambodia, targeting individual and tourist customers both Thai and Cambodia. The service is expected to further expand to SMEs. Earlier, the bank also signed a memorandum of understanding on a collaboration with Myanmar's Ayeyarwady Bank to develop cross-border payment and fund transfer services for workers and SMEs between the two countries. In addition, Krungthai Bank carried out the service in Singapore while Thanachart Bank has joined a Lao’s bank for developing the system. In last August, Bank of Ayudhya began providing cross-border QR code payment services in Japan, where parent MUFG Bank is based.

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