Maybank and Bank of Cambodia team up for cross-border payment service 

Recently MayBank and the National Bank of Cambodia partnered to launch a real-time transfer service between Malaysia and Cambodia.

One great thing about this deal is it is the first international partnership between Cambodia’s digital payment system and an established and well-respected bank. 

This new service will facilitate money transfers through the National Bank of Cambodia’s Bakong e-wallet and Maybank’s MAE app.

Added convenience

Through their partnership, it will enable Maybank customers who are residing in Malaysia to send up to $2,000 daily via the mail app to recipients in Cambodia.

Both Maybank and the National Bank of Cambodia said that the date for the service’s release will be announced soon. 

“We are very pleased to launch the Maybank Bakong Cross-Border Fund Transfer which is Bakong’s first inter-country payment service,” NBC Assistant Governor Serey Chea said.   

She said that it will be very beneficial for Cambodian citizens who are working or living in Malaysia. Because through this service, they have now the convenience to send money to their Bakong e-wallets seamlessly with a very minimal fee. 

Bakong is a digital payment system that provides services such as payments deposits and cash transfers in a tokenized version of the Cambodian riel and even of the U.S. dollar. 

Bakong is not a CBDC

Chea clarified that even with Bakong’s numerous convenient services, it is not actually a central bank digital currency or CBDC. Bakong, she said, is intended to be a backbone payment system and not a national digital currency. 

Bakong was launched last October 2020 and had already acquired almost 6 million users throughout Cambodia. This innovative solution was so well received that it had logged 1.4 million transactions which are equivalent to US$500 million. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/maybank-and-bank-of-cambodia-team-up-for-cross-border-payment-service/