Woori Bank, one of the leading South Korean lenders, has joined hands with the National Bank of Cambodia to develop a cross-border quick response code payment system, the bank announced Friday.

An agreement ceremony for the partnership was held Thursday on the sidelines of the Korea-Cambodia business forum, on the occasion of a summit between President Yoon Suk Yeol and Cambodian Prime Minister Hun Manet in Seoul.

Business and political figures from Korea and Cambodia, including Woori Bank CEO Cho Byung-kyu, Industry Minister Ahn Duk-geun and National Bank of Cambodia Governor Chea Serey, attended the event.

Through the agreement, Woori Bank and the Cambodian central bank agreed to establish a cross-border QR code payment system. Under the system, cross-border real-time payments or settlements can be executed through mobile banking platforms such as the Woori Won Banking app without involving further processes such as currency exchanges or wire transfers.

Woori Bank said it is also looking into providing better service for Cambodian workers in Korea who are sending their wages back home.

“Establishing a QR code payment system will be a good opportunity for bridging Korea and Cambodia through finance,” Woori Bank CEO Cho said.

“Through cooperation with the National Bank of Cambodia, Woori Bank will expand its fintech-based services in Southeast Asian countries where it has ventured out to.”

Meanwhile, KB Kookmin Bank, another major lender here, also plans to work with Cambodia to develop the cross-border QR payment system. On Friday, KB Bank said its Cambodian subsidiary KB Prasac Bank will be leading the development and operation of the QR code-based payment system.