Phnom Penh, May 17, 2024 – KB PRASAC Bank Plc., one of subsidiaries of KB Kookmin Bank, has announced that the bank together with its shareholder, KB Kookmin Bank, have officially signed MoU for cross-border QR code payment between Cambodia and South Korea which is initiated and led by the National Bank of Cambodia (NBC). The signing ceremony was held during the Business Forum in South Korea on 16th May with the arrangement of the Cambodia Chamber of Commerce and Korea Chamber of Commerce and Industry.
The signed memorandum of understanding (MoU) is to promote cross-border QR code payment transactions, remittances, payments in the national currency between Cambodia and South Korea towards building trust, security, efficiency, stability and more environmentally beneficial for the people and businessmen of both countries, especially to promote access to financial services of Cambodian migrant workers.
This innovative service will allow KB PRASAC Mobile users to seamlessly scan and pay with QR of KB Kookmin Bank throughout Korea. Only Khmer Riel account will be applicable for this service via KB PRASAC Mobile app. All customers can now open a Digital Account by just downloading KB PRASAC Mobile app and self-onboarding for scan and pay in Korea in the future.
This digital means of payment will eliminate the physical cash usage, the bother of currency exchange, and ensuring a cost-effective and user-friendly experience for KB PRASAC Mobile users and KB Kookmin Bank’s customers.
An officer of KB Kookmin Bank stated that the MoU between NBC and Kookmin Bank is a new and strategic milestone to allow its subsidiary, KB PRASAC Bank Plc., to offer another alternative of payment instruments to customers with a convenient and secure way to make cashless payments in Korea including the affordable remittances for Cambodia migrant workers. At the same time, customers of KB Kookmin Bank will be able to immediately scan and pay via KB PRASAC KHQR in Cambodia, too.
He added that the innovative payment and remittance solutions will be a safe, convenience and formal channels for cross-border QR code payment and remittances that benefits to not only citizens of both countries but also support the development of economic and financial relations. KB PRASAC Bank, a Cambodian subsidiary of KB Kookmin Bank, will play a key role in establishing and operating a payment system, including as a settlement bank for settlement funds.
The bank’s officer would like to express the sincerely thank the NBC for this initiative and giving the great opportunity for Kookmin Bank and KB PRASAC Bank to join the universal quick response (QR) code system for offering customers a seamless cross-border payment experience.
Please be noted that KB Kookmin Bank and KB PRASAC Bank have been supporting the surgery expenses to more than 100 children who have heart disease at Hebron Medical Center in Phnom Penh since 2014. Furthermore, KB PRASAC Bank has joint the sponsorships in various social activities such as donation to Cambodian Red Cross, Smile Cambodia, and building reading culture of Cambodian students through its library projects.
