June 18, 2024

Cambodia Central Bank tests system to simplify cross-border payments

Cambodia Central Bank tests system to simplify cross-border payments

The Central Bank of Cambodia intends to reduce the cost of cross-border settlements by usingBakong systems based on Hyperledger Iroha.

Last week, the National Bank of Cambodia signed an agreement with Malaysia's Maybank to combine digital payment platforms – Bakong and Maybank2u.

At the moment, the commission for the transfer can reach 30%. But this partnership will help change this situation.

The introduction of the Bakong system will provide more opportunities for improving the payment system both at the national and regional levels.

The Bakong system was launched in July and is currentlytime serves users from eight banks in Cambodia, including ACLEDA Bank – the country's largest commercial bank with assets of more than $5 billion.

Potential connection of Bakong with Maybank2u mayAttract a much wider audience. A spokesman for Maybank, the country's largest bank, said 52% of all online banking transactions in Malaysia went through Maybank2u.

We look forward to providingour customers in Malaysia and Cambodia with a convenient yet cost-effective solution for transferring funds within the country, – said Datuk Hamirullah Burhan, Head of Financial Services at Maybank Malaysia.