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Maybank inks MoU with National Bank of Cambodia for cross-border payment, remittance

16 Oct 2019 / 15:08 H.

PETALING JAYA: Maybank inked a memorandum of understanding (MoU) with the National Bank of Cambodia (NBC) to collaborate in the areas of cross-border payments and remittance between the two countries.

With the MoU, the two parties will explore the possibility of enabling real time transfers,

payments, and cross border remittance of funds between Cambodia and Malaysia through the NBC’s Bakong payment system and Maybank’s Maybank2u digital platform.

“The introduction of Bakong system will provide more possibilities in enhancing payment system at both domestic and regional level and the signed MOU will enable both institutions to reach another level of financial cooperation in further leveraging the technology to benefit the people in Cambodia and Malaysia,” said NBC assistant governor and director general Chea Serey in a press statement.

She elaborated that the collaboration will substantially contribute to the promotion of trade activities and financial inclusion in both countries.

The Bakong payment system established by the Cambodian central bank utilises blockchain-based technology for real time transfer, payment, and settlement across different banking and financial institutions in Cambodia.

“Leveraging our Asean connectivity and Maybank2u digital platform, we look forward to providing our customers in Malaysia and Cambodia with a convenient yet cost-effective solution for inter-country funds transfer,” said Maybank Malaysia’s head of community financial services Datuk Hamirullah Boorhan.

In the previous year, more than 66% of all mobile banking transactions in Malaysia were done through the Maybank App, while more than 52% of all internet banking transactions went through Maybank2u.

The bank said that the collaboration will further expand and enhance Maybank2u’s capabilities.

Once launched, the service is expected to benefit Cambodians residing in Malaysia and Malaysians who live in Cambodia as well as businesses in both countries through the Bakong e-wallet and Maybank2u in terms of cross border fund transfer for trade settlement and remittance.

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