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homenavigate_nextMedianavigate_nextLatest Newsnavigate_nextACLEDA Bank Plc. Cooperates with Siam Commercial Bank to launch of Cross Border QR Payment

ACLEDA Bank Plc. Cooperates with Siam Commercial Bank to launch of Cross Border QR Payment

February 18, 2020

Bangkok, Thailand – February 18, 2020 – ACLEDA Bank Plc. and Siam Commercial Bank (SCB), announced the launch of Cross Border QR payment which seeks to facilitate cross-border exchanges in local currencies between Cambodia and Thailand.

The QR cross border allows people to purchase goods and conduct payments in their own currency when travelling abroad by scanning QR codes. This electronic system will make payments more convenient for tourists and firms while also strengthening the local currency of both countries. Cambodians travelling to Thailand and Thais travelling to Cambodia to be able to make payments without having to use cash.

Dr. In Channy, President & Group Managing Director of ACLEDA Bank Plc., highlighted that the National Bank of Cambodia has selected three commercial banks, ACLEDA Bank Plc., Cambodia Commercial Bank, and Foreign Trade Bank to be the sponsoring banks supporting the Cross-Border Payment. With the readiness financial technology designed and workable, ACLEDA Bank Plc. and SCB are selected to engage in business cooperation relating to cross-border QR payment for SCB's customers to make payment in Cambodia via Cambodian QR code and for ACLEDA Bank's customers to make payment in Thailand via Thai QR code. Moreover, Thailand is one of the most attractive tourist destination globally, partnership with SCB, the country's largest commercial bank, will offer a tremendous boost to our cross-border QR payment network. Combining technology of the two innovative leaders in digital banking, ACLEDA Bank Plc. and SCB, we believe the synergetic effect from our partnership will bring multiple benefits to our intra-regional travelers.

Meanwhile, President of Siam Commercial Bank (SCB), Mr. Sarut Ruttanaporn said, "We are delighted to see progress in the development of cross-border payment infrastructure between Cambodia and Thailand based on partnering with the local financial institutions in Cambodia through SCB or our subsidiary in Cambodia, Cambodian Commercial Bank (CCB). The Interoperable QR Payment is important because Cambodia is a popular destination for Thai tourists travelling to cities such as Siem Reap, Sihanoukville and Phnom Penh. In Thailand, we have seen the number of digital mobile applications in Thailand surpassing 47 million users with SCB having more than 10 million users in 2019. The interoperable QR Payment will provide a better client experience to Thai tourist travelling to Cambodia when making payments for goods and services.

About ACLEDA Bank Plc.

ACLEDA Bank Plc. is the retailed bank with its digital mobile application, ACLEDA Unity ToanChet enables all customers to operate from anywhere and anytime they like to do banking as well as business transactions via Smart Phones. It is the largest mobile banking service in Cambodia with the individual registered users of 1,309,258 and 34,397 registered as corporate partner. ACLEDA Bank has the largest branches and office, and ATM network with over 4,000 ACLEDA POS terminals in Cambodia.

About Siam Commercial Bank (SCB)

Siam Commercial Bank was established by royal charter on January 30, 1907 as the first Thai bank. During its more than 110 years in business, the Bank has played a leading role in providing the financial services needed in Thailand, developing deep expertise. Today, SCB is a leading universal bank, offering deposits and lending and a wide range of other products and services, to meet the needs of all customers. Our services are backed by our extensive banking network and continual pursuit of technological innovation.

Under the vision to serve as "The Most Admired Bank," SCB has established a strategic plan called SCB Transformation, designed to dramatically upgrade the Bank's infrastructure and enhance its long-term competitiveness. This transformative plan responds to rapid change in the financial services industry, which is being reshaped by digital technology, regulatory change and new consumer behavior. As of 2019, SCB has surpassed 10 million mobile banking users and over 1.5 million merchants that could accept QR Payments.

For more information, please contact:

ACLEDA Bank Plc.
Mr. Phal Sokchamroeun
Vice President & Deputy Head of Marketing Division
Tel: +855(0)15 800 903
E-mail: phal.sokchamreoun@acledabank.com.kh

Siam Commercial Bank (SCB)
WANLAPA SOOKYAI
Manager, Public Relations
Contact Number: +66 25446421
E-mail: wanlapa.sookyai@scb.co.th

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