October 29, 2020

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 through the use of Bakong systems based on Hyperledger Iroha.

Last week, the National Bank of Cambodia signed an agreement with the Malaysian Maybank, on the merger of 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 currently serves users from eight Cambodian banks, 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 have a convenient but cost-effective solution for transferring funds within the country, ”said Datuk Hamirullah Burhan, head of financial services at Maybank Malaysia.