The Central Bank of Cambodia is looking for ways to reduce the costs of cross-border payments. The solution appears to be through the use of digital wallets using a technology provided by Hyperledger Iroha-powered Bakong platform.
The National Bank of Cambodia (NBC) signed an agreement with Malaysia’s Maybank to see if this idea is even feasible as a digital payment platform. The study will examine if the combination of the Maybank2u digital platform and Bakong will not only operate efficiently but if this can become a long term solution to reduces the remittance fees involved with these kinds of transfers.
This system will focus mainly on facilitating money transfers, but will also be an opportunity to “offer banking services to the unbanked, especially in rural areas” the NBC explained in a statement.