Cambodia and Malaysia on August 11 officially launched cross-border payments through the National Bank of Cambodia’s (NBC) Bakong system with Maybank, enabling faster and more convenient real-time money transfer between the two countries.
Speaking at the launch, NBC technical director-general Chea Serey said the collaboration is a solid starting point between the two ASEAN nations in the development of financial technologies that make it easier for people to transfer money in a faster and more convenient manner.
“The collaboration is just a beginning and I am sure there will be more that we can do together – for instance, for now it is a one-way transfer, but we also work on both-way transfers where people from Malaysia can also send money from Bakong to their Maybank App to the local one in Malaysia.
Maybank Cambodia CEO Mohd Hanif Suadi said the collaboration will be in response to the current development of the cross-border payment ecosystem and will address the challenges of Cambodian people working in Malaysia, who require a more convenient, affordable and faster way to send money back home.
Malaysian ambassador to Cambodia Eldeen Husiani Mohd Hashim said the collaboration will facilitate and expedite the transfer of funds between citizens of Malaysia and Cambodia.
Author: May kunmakara
Source: The PhnomPenh Post
For full article, please read here.
Original publication date: 11 August 2021
August 16, 2021
