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NBC report strong uptake of Bakong digital transfer system

  The National Bank of Cambodia (NBC) reported a surge in the use of its Bakong digital payment system in 2024, with over 600 million transactions recorded. Payments in Cambodian riel saw a 334% increase (299 million transactions), while those in US dollars grew by 133% (308 million transactions). The total transaction value reached $150.8 billion , equivalent to 330% of Cambodia’s GDP . The Bakong system , introduced in October 2020 , has significantly improved transaction efficiency, supporting government services , tax collection , and public payments . NBC Governor Chea Serey highlighted its role in boosting economic participation, enhancing cross-border transactions, and supporting Cambodia’s Digital Government Policy (2022-2035) . The system, now used by 69 financial institutions , saw 642,500 new users in 2024 , a 7% increase from 2023 . The number of bank and e-wallet accounts capable of Bakong transactions reached 30 million , exceeding Cambodia’s population by 1.6...
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Cambodia, Malaysia launch phase 2 of cross-border QR payment system

Read full article The National Bank of Cambodia (NBC) and Bank Negara Malaysia (BNM) officially launched Phase 2 of their cross-border QR payment system on April 8 , aiming to improve digital payment options for citizens of both countries. The launch took place during the ASEAN Finance Ministers’ and Central Bank Governors’ Meetings in Kuala Lumpur. The system enables Malaysians to scan Cambodian QR codes using their mobile banking apps , and vice versa for Cambodians in Malaysia , promoting faster and more convenient payments . Over seven million local merchants in both countries stand to benefit from increased cross-border transactions. NBC Governor Chea Serey highlighted three major impacts: Tourism – frictionless payments for travelers, Financial inclusion – connecting SMEs and individuals to wider markets, Regional integration – contributing to ASEAN’s digital connectivity goals. BNM Governor Dato’ Seri Abdul Rasheed Ghaffour emphasized that the initiative a...
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NBC ink MoU for Japanese cross-border QR payments

  The National Bank of Cambodia (NBC) and the Payments Japan Association (PJA) signed a memorandum of understanding (MoU) to establish cross-border QR code payments between Cambodia’s KHQR and Japan’s JPQR systems. The cooperation will happen in two phases: Phase 1: Cambodians using local banking apps can scan JPQR codes in Japan. Phase 2: Japanese nationals can scan KHQR codes in Cambodia. ACLEDA Bank and Sathapana Bank are Cambodia’s liaison banks, while NETSTARS is the QR operator on Japan’s side. The initiative aims to: Simplify and secure cross-border payments, Boost tourism and reduce the need for cash exchanges, Support businesses with faster and more efficient transactions, Strengthen trade, investment, and economic ties between the two countries. The agreement builds on a broader cooperation framework signed between Cambodia and Japan in December 2023 . Phase 1 of the system will launch in early 2025 , aligned with the Osaka-Kansai Expo , wit...
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