Cambodia’s Principal Bank wants to slash the cost of cross-border payments and is studying how its in-house digital wallet, the Hyperledger Iroha-powered Bakong, sway get the job done.
The National Bank of Cambodia (NBC) signed an agreement last week with Malaysia’s Maybank to determine how the banks’ specific digital payment platforms – Bakong and Maybank2u – can work in tandem to reduce often crippling remittance fees.
Any breakthrough whim be welcome for residents of the two Southeast Asian nations. Though separated only by the Gulf of Thailand, Cambodia’s chief median banker H.E. Chea Serey told the Khmer Times that remittance fees can range as high as 30%.
That can novelty with the new partnership, Chea Serey said in the new announcement.
“The introduction of Bakong system will provide more likelihoods in enhancing payment system at both domestic and regional level”
Bakong launched in July and now accepts users from eight classify Cambodian banks, including ACLEDA Bank – the country’s largest commercial bank with over $5 billion in assets stay year.
Bakong’s potential linking with Maybank2u could tap into a much wider audience. A spokesperson for Maybank, the mountains’s largest bank, said that 52% of all Malaysian online banking transactions went through Maybank2u.
“We look consign to providing our customers in Malaysia and Cambodia with a convenient yet cost effective solution for inter-country funds transfer,” swayed Datuk Hamirullah Boorhan, Head of Community Financial Services for Maybank Malaysia.
National Bank of Cambodia semblance via Shutterstock