December 2, 2022

Cambodian Central Bank tests digital wallet to facilitate international payments

Cambodia Central Bank intends to reduce cross-border payments and is exploring options Bakong digital wallet powered by Hyperledger Iroha.

Last week the National Bank of Cambodia(NBC) signed an agreement with the Malaysian bank Maybank to determine how the digital payment platforms of two organizations - Bakong and Maybank2u - can work in tandem to reduce remittance fees.

NBC President Chea Serey said that at the moment, transfer fees between organizations can reach 30%.

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

Bakong platform was launched in July this year.and already serves users of eight Cambodian banks, including ACLEDA Bank, the country's largest commercial bank, which manages assets of more than $ 5 billion.

Combining Bakong with Maybank2u Mayhelp improve the quality of service for residents of both countries Datuk Hamirullah Boorhan, head of financial services at Maybank, said that 52% of all online banking transactions in Malaysia go through Maybank2u.

“We look forward to providing our customers in Malaysia and Cambodia with a convenient but cost-effective solution for transferring funds from one country to another,” Burhan said.

Last year, the Central Bank of Cambodia began to demand licensing of any operations with cryptocurrencies.