Woori, KB sign QR code payment partnership with Cambodia


Woori Bank CEO Cho Byung-kyu (front right) and National Bank of Cambodia Governor Chea Serey (front left) pose for a photo during a ceremony at the Korea Chamber of Commerce and Industry in downtown Seoul on Thursday.  (Woori Bank)

Woori Bank CEO Cho Byung-kyu (front right) and National Bank of Cambodia Governor Chea Serey (front left) pose for a photo during a ceremony at the Korea Chamber of Commerce and Industry in downtown Seoul on Thursday. (Woori Bank)

Woori Bank, one of South Korea’s major banks, announced on Friday that it has joined forces with the National Bank of Cambodia to develop a cross-border quick response code payment system.

South Korean President Yoon Seok-yeol and Cambodian Prime Minister Hun Manai held a summit in Seoul on Thursday during the Korea-Cambodia Business Forum, where the two sides held a cooperation agreement ceremony.

Woori Bank CEO Cho Byung-kyu, Industry Minister Ahn Ahn Kwan, National Bank of Cambodia Governor Chese Ri and other business and political figures from South Korea and Cambodia attended the event.

Through the agreement, Woori Bank and the Central Bank of Cambodia agreed to establish a cross-border QR code payment system. Under this system, cross-border instant payments or settlements can be made through mobile banking platforms such as the Woori Won Banking app, without involving further processes such as currency exchange or wire transfers.

Woori Bank said it is also considering providing better services to Cambodian workers who send their wages in South Korea.

“Establishing a QR code payment system will be a good opportunity to connect finance between South Korea and Cambodia,” Woori Bank CEO Cho said.

“Through cooperation with the National Bank of Cambodia, Woori Bank will expand financial technology-based services in Southeast Asian countries where it has already set foot.”

Korea Kookmin Bank Chief Executive Lee Jae-keun (front right) and National Bank of Cambodia Governor Chea Serey (front left) pose for a photo during a ceremony at the Korea Chamber of Commerce and Industry in downtown Seoul on Thursday.  (KB Kookmin Bank)

Korea Kookmin Bank Chief Executive Lee Jae-keun (front right) and National Bank of Cambodia Governor Chea Serey (front left) pose for a photo during a ceremony at the Korea Chamber of Commerce and Industry in downtown Seoul on Thursday. (KB Kookmin Bank)

At the same time, another major bank, National Bank, also plans to cooperate with Cambodia to develop a cross-border QR code payment system. On Friday, KB Bank said its Cambodian subsidiary KB Prasac Bank will lead the development and operation of a QR code-based payment system.





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