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Cambodia and Malaysia Trial Cross-Border Crypto Payments

In a joint press release issued October 10, 2019 the National Bank of Cambodia and Maybank (of Malaysia) have announced the sign-off on a Memorandum of Understanding (MOU) which will see the two banks working together on cross-border payments and remittance between their respective countries.

“The introduction of Bakong system will provide more possibilities in enhancing payment system at both domestic and regional level, and the MOU signed today will enable both institutions to reach another level of financial cooperation in further leveraging the technology to benefit the people in Cambodia and Malaysia.

The collaboration will substantially contribute to the promotion of trade activities and financial inclusion in both countries.”

H.E. Chea Serey (National Bank of Cambodia, Assistant Governor and Director General – Central Banking)

The signing of the MOU coincides with the 40th anniversary of the re-establishment of the National Bank of Cambodia, and will see its Bakong payment wallet / app join forces with Maybank’s web and mobile-app based Maybank2u digital platform.

The statement claims that the service, upon launch, should deliver benefits to anybody seeking to send money between the two countries: from expats, to business partners and those who have friends or family across the border. It also suggests that it will help to support the transition to a “cashless society” in Cambodia.

“Maybank is honoured to be National Bank of Cambodia’s global partner for Bakong’s cross border payment and remittance...

This collaboration will bring Maybank a step closer to achieving its aspiration to be the ‘Digital Bank of Choice’ in the region.”

Datuk Hamirullah Boorhan (Maybank Malaysia, Head of Community)

Whilst Cambodia does not have much of a history with cryptocurrencies, neighboring Vietnam saw the launch of its first licensed exchange – a Swiss venture called ‘Kronn Ventures AG’ – back in March 2019.

In June 2019, the Securities Commission of Malaysia officially registered three cryptocurrency exchanges – a first for the country. They are: Sinegy Technologies, Luno Malaysia, and Tokenize Technology.

“We aspire to meet the ever-evolving needs of our customers by continually transforming ourselves through digital innovations to serve in a fast, hassle-free and secure manner.

With this collaboration, we strive to enhance our offerings by providing relevant end–to-end solutions to a wider customer base via differentiated digital proposition whilst contributing to the growth of the banking system in Cambodia.”

Dato’ Mohd Hanif Suadi (Maybank Cambodia, CEO)