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South Korea’s Woori Bank to develop QR payment system with Cambodia



South Korean lender Woori Bank has partnered with the National Bank of Cambodia to develop a cross-border quick response (QR) code payment system. The agreement was signed at the Korea-Cambodia business forum during a summit between President Yoon Suk Yeol and Cambodian Prime Minister Hun Manet in Seoul. Attendees included Woori Bank CEO Cho Byung-kyu, Industry Minister Ahn Duk-geun, and National Bank of Cambodia Governor Chea Serey. The system will enable real-time cross-border payments through mobile banking platforms like the Woori Won Banking app, bypassing currency exchanges and wire transfers. Woori Bank aims to enhance services for Cambodian workers in South Korea and expand fintech services in Southeast Asia. Meanwhile, KB Kookmin Bank’s subsidiary KB Prasac Bank will also develop a QR payment system in Cambodia.

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