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The National Bank of Cambodia (NBC) and Malaysia's Maybank Group reportedly launched the Maybank-Bakong Cross Border Funds Transfer -- a real-time funds transfer service between Malaysia and Cambodia through the NBC's Bakong e-wallet and Maybank's MAE app. In the first phase, customers will be able to transfer funds from Malaysia to Cambodia, while transfers from Cambodia to Malaysia will be rolled out at a later date. There is a minimal service fee. Maybank customers can transfer funds up to US$2,500 (or RM10,000 equivalent) daily via their mobile devices.

According to National Bank of Cambodia Governor Chea Serey, cross-border QR code payments made through Cambodia's Bakong digital payment system are set to boost the use of the nation's riel currency. Bakong can already be used for QR code-based payments between Cambodia, Thailand, Laos and Vietnam, and those involving China's UnionPay. These cross-border payments can only be carried out in riel, so Cambodian citizens need to have a riel Bakong account to make payments in Thailand, for example, while Thai tourists can only make QR code transactions in Cambodia if the place where they are shopping accepts riel. The central bank plans to enable cross-border payments using Bakong with India as early as June and is also working with Japan.

National Bank of Cambodia Assistant Governor Serey Chea said that the National Bank of Cambodia has experimented with domestic blockchain payments for retail, but the main interest is testing them for cross-border transactions. She noted that the institution has been collaborating with Malaysian bank Maybank.

The National Bank of Cambodia (NBC) and UnionPay launched cross-border QR code payments between the NBC's Bakong and UnionPay's global payments platform. UnionPay cardholders will be able to use their UnionPay-enabled wallets to scan Bakong KHQR codes to complete payment transactions at merchants in Cambodia, and by early 2024, Cambodian residents will be able to use their Bakong wallet to make payments at UnionPay QR code accepting merchants in China and globally. https://www.nbc.gov.kh/download_files/news_and_events/speeches_eng/Remark_UPI_Bakong_22_Dec_2023.pdf

On November 25th, 2019, H.E. Chea Serey, Assistant Governor and Director General of the Central Banking, National Bank of Cambodia, participated as a speaker and presented on the topic "Experiences of the National Bank of Cambodia on the use of Blockchain Technology in Bakong Project to reduce the use of cash in the country" at the 22nd ASEAN Banking Conference and the 49th ASEAN Banking Council Meeting at Sokha Hotel, Phnom Penh.

The National Bank of Cambodia (NBC) and UnionPay launched cross-border QR code payments between the NBC's Bakong and UnionPay's global payments platform. UnionPay cardholders will be able to use their UnionPay-enabled wallets to scan Bakong KHQR codes to complete payment transactions at merchants in Cambodia, and by early 2024, Cambodian residents will be able to use their Bakong wallet to make payments at UnionPay QR code accepting merchants in China and globally.

The National Bank of Cambodia's (NBC's) Bakong online banking and mobile payments app has seen its adoption levels surpass 10 million accounts (about 60% of Cambodia's population. Bakong allows Cambodians to transfer and receive digital funds using their smartphones without traditional bank accounts. The NBC has also established cross-border payment connectivity with Thailand, Laos, and Vietnam, and signed MOUs with the Central Bank of Solomon Islands, the Reserve Bank of Fiji, and the National Bank of Rwanda, to expand the reach of Bakong to these countries. In addition, the NBC has signed a memorandum of cooperation with Japan's Ministry of Economy, Trade and Industry, to facilitate QR code-based payments between Cambodia and Japan.

"Cambodia launched the pilot of a blockchain-powered payment system this week, as the South-east Asian country aims to reduce money transfer costs and improve financial inclusion. The application, know as the Bakong Project, connects financial institutions and payment providers, enabling users to pay and make transactions in real time without fees, according to Cambodia's central bank."

The National Bank of Cambodia officially launched its blockchain-based retail payment system, which it had been piloting since July. Bakong, which supports transactions in the dollar and riel, will allow Cambodians make payments and transfer money between individuals using their smartphones. The World Economic Forum has mischievously labeled it as being based on a "quasi-form" of central bank digital currency (CBDC) which it is definitely not. https://bakong.nbc.org.kh/ https://bakong.nbc.org.kh/download/NBC_BAKONG_White_Paper.pdf https://www.weforum.org/press/2020/01/central-banks-waking-up-to-digital-currency-create-new-framework-for-cbdc-deployment-with-world-economic-forum-177ca5d9ee/

"Chea Serey, assistant governor and director general of the National Bank of Cambodia (NBC) was adamant to clarify that although the system is built on DLT, it is not a central bank digital currency (CBDC) that some may be quick to assume. Instead, the platform augments the existing Fast and Secure Transfer (FAST), real-time retail payment system and Cambodian Shared Switch (CSS) that facilitate mainly interbank transactions among commercial banks and MFIs. "

The National Bank of Cambodia (NBC) signed an agreement last week with Malaysia's Maybank to determine how the banks' respective digital payment platforms - Bakong and Maybank2u - can work in tandem to reduce often crippling remittance fees.

The National Bank of Cambodia will launch a DLT-based network to enable greater interoperability in the country's payments sector and to mitigate dollarization. Consumers will be able to make near instant payments via the platform, currently in pilot mode, using a mobile app and QR codes. The NBC is also developing a remittance-focused cross-border payment project with Malaysia's Maybank.

Soramitsu, the developer behind the Bank of Cambodia's Project Bakong interbank payment system, is involved in a new project to enable payments between Cambodia, other Southeast Asian countries and Japan. Bakong already has cross border payments using QR codes with Malaysia, Thailand and Vietnam, and the additional jurisdictions being worked on include India, China and Laos, with Bakong effectively at the center of a hub. The new Mutsumi project will use Bakong and Japanese yen stablecoins to support Japanese SMEs in selling goods and digital services to Southeast Asian customers.

The National Bank of Cambodia has introduced a new QR code standard for mobile banking apps in the country, starting with the central bank-backed Bakong blockchain-based peer-to-peer payments system. The KHQR allows merchants to accept mobile payments from any of the 37 commercial bank and payment service provider using a QR code directly supported by Bakong.

WeTrust is an Ethereum-based decentralized financial services platform. WeTrust's first product is a Trusted Lending Circle (TLC) platform. A TLC a group of individuals who agree to meet for a defined period in order to save and borrow together. TLCs are commonly built along clan, geographical, social, or professional networks. These organizations have a variety of different names such as: tontine (Cambodia), susus (Ghana/ Caribbean Islands), tandas (Latin America), hui (China), chit funds (India), cundinas (Mexico), etc... https://www.philadelphiafed.org/-/media/community-development/publications/discussion-papers/discussionpaper-ROSCAs.pdf

The Securities and Exchange Commission signed an MoU with the Blockchain Elite Strategic Technology (BEST) Association. "BEST will provide advice, knowledge and professional skill to SECC to develop a legal framework, a licensed activity supervision framework, legal or technical matters for the development and usage of fintech and blockchain technology in the securities sector in Cambodia, and to transform SECC to be a digitalized institution."

The National Bank of Cambodia (NBC) will launch a blockchain-based, P2P payment and money transfer platform in the next few months. Project Bakong was launched on a trial basis in July with the support of 11 banks, with many more expected to join.

Cambodian tourists visiting Thailand will now be able to use the mobile payment app to scan QR codes in Thailand, whereas Thai tourists should expect to be able to scan QR codes in Cambodia by the third quarter of 2020.

The Monetary Authority of Singapore (MAS) published a report on the foundational digital infrastructure necessary for an inclusive digital economy and seamless cross-border transactions around the world, in collaboration with Mastercard and the central banks of Brunei Darussalam, Cambodia, Ghana, and Kenya. The report highlighted four key pillars; digital identity, authorisation and consent, payments interoperability and data exchange standards.

So does quasi CBDC = synthetic CBDC? "Bakong does not give users direct access to central bank money, but bakong balances must be matched by banks' deposits with the NBC, giving bakong a "cash-like" quality. Furthermore, payments are settled instantly across the central bank's systems."