NBC Testing Mobile Payment System

The National Bank of Cambodia (NBC) is testing a mobile payment application system known as Bakong.

According to the bank, the new system will facilitate money transfers and payments including cross-border transactions, while enhancing financial inclusion in the Kingdom.

Four financial institutions have joined the Bakong app initiative, including Acleda Bank, Foreign Trade Bank, Wing Specialised Bank, and Vattanac Bank.

Launching of the Bakong system is a progressive milestone in the new era of financial sector in Cambodia, said NBC.

We are proud to be the first country to launch the latest Blockchain technology platform in the financial sector to enable us to develop and promote financial iinclusion to provide financial services for all Cambodians.

As explained by the bank, the system also allows transfers in Cambodian Riel or US dollars, as it is a peer-to-peer fund transfer service available to retail customers of participating banks in Cambodia.

Users can now transfer money directly to their mobile number or scan QR code via the Bakong app or through other banking services offered by member banks.

Source: Agency Kampuchea Press