Cambodia’s Central Bank Testing Digital Wallet to Ease Cross-Border Payments

Cambodia’s Central Bank wants to slash the cost of cross-border payments and is studying how its in-house digital wallet, the Hyperledger Iroha-powered Bakong, might get the job done.

The National Bank of Cambodia (NBC) signed an agreement last week with Malaysia’s Maybank to determine how the banks’ respective digital payment platforms – Bakong and Maybank2u – can work in tandem to reduce often crippling remittance fees.

Any breakthrough would be welcome for residents of the two Southeast Asian nations. Though separated only by the Gulf of Thailand, Cambodia’s chief central banker H.E. Chea Serey told the Khmer Times that remittance fees can range as high as 30%.

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