KUALA LUMPUR (June 23): Maybank (Cambodia) Plc has reportedly announced its membership of Bakong, a National Bank of Cambodia (NBC)-initiated blockchain-based peer-to-peer (P2P) fund transfer and payment platform.

Khmer Times reported that Bakong caters to retail customers of local banks, financial institutions and payment service providers in Cambodia.

The Bakong membership allows customers to easily transfer funds to Maybank accounts via the Bakong app by scanning a QR code, keying in a phone number or selecting recipients via the contact list to send money or make QR payments. 

Maybank Cambodia chief executive officer (CEO) Datuk Mohd Hanif Saudi said the payment infrastructure allows customers to perform interbank fund transfers and payments electronically in real time as well as promote transactions in Cambodian riels.

“In the past, this kind of remittance was only applicable to US dollars,” he said.

Mohd Hanif added that being a member of Bakong is also part of Maybank Cambodia’s approach to implement digital solutions by putting in place small building blocks to create a digital network to ultimately provide a seamless and stress-free banking experience for the bank’s customers.

“In a rapidly evolving digital environment, Maybank [Cambodia’s] commitment is anchored on preserving robust customer relationships by cultivating trust, relevance and convenience through digital offerings, such as this partnership with the NBC to raise the bar for financial institutions in developing efficient and low-cost online services for the community, as aligned to our mission of humanising financial services and to Cambodia’s national policy on [its] digital economy and digital transformation (2021-2035),” he said. 

Maybank Cambodia said that the bank and NBC are working together to enable real-time transfers, payments and cross-border remittances of funds between Cambodia and Malaysia through the Bakong payment system and the Maybank2u digital platform.

Maybank Cambodia added that the service is expected to benefit Cambodians who reside in Malaysia, Malaysians who live in Cambodia as well as businesses in both countries through cross-border transfers for trade settlements and remittances via the Bakong e-wallet and Maybank2u.

The bank said it is also working on enabling the Bakong and KHQR integration, a QR code payment method, on its digital platforms.

It added that the collaboration will further accelerate financial inclusion as well as support the move towards a cashless society in Cambodia.