Cambodia Investment Review
ACLEDA Bank Plc., the first publicly listed commercial bank in Cambodia, is pleased to announce a partnership with NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI). ACLEDA Bank has been nominated as the operator for Cambodia’s national QR network, Bakong (KHQR) by National Bank of Cambodia and will work with NIPL to enable Unified Payments Interface (UPI) acceptance across Cambodia and KHQR acceptance across India.
The partnership will offer Indian & Cambodian travelers the convenience of making QR code-based payments seamlessly across tourist attractions, restaurants, retail outlets and other establishments. Indian tourists in Cambodia will be able to use their UPI enabled apps to make merchant payments easily at more than 4.5 million KHQR merchant touch points.
Similarly, Cambodian tourists in India will be able to scan more than 709 million UPI QRs to make merchant payments conveniently using their Cambodian payment apps. The collaboration will support businesses in both countries by offering a secure, interoperable, and frictionless payment experience via UPI and KHQR, significantly enhancing convenience for consumers in both markets.
Framework For Interconnecting NPCI’s UPI
Dr. In Channy, President & Group Managing Director of ACLEDA Bank, said, “We are excited to sign this Service Agreement with NPCI International Payments Limited. The Service Agreement formalizes the technical and operational framework for interconnecting NPCI’s UPI (Unified Payments Interface) network with ACLEDA Bank’s KHQR ecosystem. This network-to-network setup will ensure secure, interoperable payments, allowing Indian consumers and businesses to use their mobile devices to scan QR codes from Cambodian merchants for payment.
In addition, this collaboration represents an important step toward regional payment interoperability, aligning with ASEAN’s vision of advancing inclusive digital economies and fostering financial innovation in digital payments, empowering our customers with fast, affordable, and secure cross-border options that boost trade and tourism for both nations.
Under the initiative and leadership of Her Excellency Dr. Chea Serey, Governor of the National Bank of Cambodia, Cambodia and India have initiated the digital cross border payment framework to enable more convenient and efficient payment and money transfer transactions. A key focus is to promote the use of the national currency between Cambodia and India. On March 2023, NBC and NIPL signed a Memorandum of Understanding, to enable cross-border payments between Cambodia and India.
In May 2023, NBC selected ACLEDA Bank Plc. as a sponsoring Bank for this collaboration with NPCI International Payment Limited (NIPL). Following the signing of the agreement, ACLEDA Bank and NIPL are now jointly developing the QR payment systems which is currently undergoing network integration. It is projected to launch the QR cross border payment between Cambodia and India (India QR UPI scans KHQR) in Semester 2 of 2026.
Partner With Additional Banks To Integrate QR Code Payment Systems
In the near future, ACLEDA Bank and NIPL will partner with additional banks to integrate QR Code payment systems, enabling their customers to access cross-border payments between Cambodia and India.
This partnership represents a significant milestone in global payment expansion outside ASEAN in addition to Japan, South Korea, China and so on, enhancing its position in the international digital payments ecosystem by facilitating smoother and faster, transactions for travelers, thereby fostering deeper connectivity between India and Cambodia and progressing toward a fully interoperable global payments network.
Ritesh Shukla, MD & CEO, NPCI International, said, “Our partnership with ACLEDA Bank Plc. marks an important step in strengthening interoperable digital payment corridors between India and Cambodia. By enabling UPI and KHQR acceptance across both countries, we aim to make travel simpler and empower consumers with trusted and familiar payment options. This partnership reflects our commitment to expanding secure, inclusive, and scalable digital payments on a global scale.”
About ACLEDA BANK
ACLEDA Bank has 4 subsidiaries including ACLEDA University of Business Co., Ltd.; ACLEDA Securities Plc.; ACLEDA Bank Lao Ltd.; and ACLEDA MFI Myanmar Co., Ltd. and a representative office in the Republic of the Union of Myanmar. By the end of September 2025, ACLEDA Bank had US$11.94 billion in total assets and US$9.28 billion in total savings deposits with over 6.18 million customers. Currently, ACLEDA BANK had more than 0.70 million business partners and 5.35 million ACLEDA Mobile subscribers for ACLEDA Super App.
About NPCI International Payments Limited
NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI)—and card scheme (RuPay) outside of India. NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India.
Currently, there are several countries that are seeking to establish a real-time payment system or a domestic card scheme. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL focuses on transforming payments across the globe through technology and innovation. It will not only enable payments for Indians but also support other countries by enhancing their payment capabilities using technological assistance, consulting, and infrastructure.
For more information visit https://www.nipl.com/
