The RPC initiative, launched in 2022 by the central banks of Indonesia, Malaysia, the Philippines, Singapore, and Thailand, was designed to address longstanding inefficiencies in cross-border transactions. Over time, it has evolved into a nine-member alliance with the addition of Vietnam, Brunei, Laos, and now Cambodia.
The inclusion of NBC, formally announced during the second phase launch of the Malaysia-Cambodia cross-border QR payment linkage at the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting, signals more than just another signature on a multilateral memorandum. It is a declaration of Cambodia’s readiness to embrace interoperable, real-time payment systems that enhance financial inclusion, trade facilitation, and remittance flows across borders.
For Cambodia, joining the RPC means entering a new era of economic opportunity and digital transformation. The country's ongoing efforts to digitize its financial infrastructure, most notably through the KHQR payment standard and the Bakong system – NBC’s blockchain-based payment platform – are now reinforced by regional cooperation.
The expansion of cross-border QR code usage allows travelers and businesses in Cambodia and partner nations to transact seamlessly using mobile wallets. For instance, Malaysians can now use their e-wallets to pay Cambodian merchants via KHQR, just as Cambodians have been able to use Bakong in Malaysia with DuitNow QR.
This is especially impactful for Cambodia’s micro, small, and medium enterprises (MSMEs), which often face barriers to regional markets. The RPC's framework enables these businesses to tap into broader consumer bases with reduced friction, bolstering competitiveness and access to digital trade.
The RPC does not just improve technical interoperability, it is a geoeconomic instrument. As global supply chains pivot and regional blocs seek self-reliance, seamless financial systems become a crucial enabler. The initiative aligns with both the G20 Roadmap for Enhancing Cross-Border Payments and ASEAN’s digital economy goals, placing the region on a trajectory toward greater resilience and integration.
While Cambodia’s entry into the RPC initiative is a progressive step forward, the journey toward seamless regional payment integration comes with its share of challenges. As the country positions itself within a sophisticated cross-border financial network, several critical issues must be addressed to ensure long-term success.
The digital divide remains a key hurdle, particularly in rural areas where access to smartphones and reliable internet is limited. Expanding digital infrastructure and literacy will be essential for inclusive adoption.
Effective regional interoperability also hinges on harmonizing regulatory frameworks across ASEAN, including KYC, data protection, and anti-money laundering rules, a complex and delicate process. As connectivity increases, so do cybersecurity risks. Robust investment in secure infrastructure and institutional capacity is vital to safeguard against digital threats.
Moreover, adoption is not guaranteed. Building user trust and familiarity with new systems will require outreach, education, and incentives for both consumers and merchants. Finally, Cambodia must ensure its financial and regulatory systems are technically and operationally prepared to integrate with more advanced payment networks, demanding sustained coordination, upgrades, and training.
These hurdles are not insurmountable, but they underscore the need for a cautious, coordinated, and inclusive approach. The RPC offers tremendous promise, but realizing its full potential will demand more than policy, it will require sustained commitment, investment, and cross-border cooperation.