Maybank2U to enable fund transfers between Malaysia and Cambodia

Malayan Banking Bhd (Maybank) has signed a Memorandum of Understanding (MoU) with the National Bank of Cambodia to collaborate in the area of cross border payment and remittance between Cambodia and Malaysia.

Through the MOU, Maybank Malaysia, Maybank Cambodia and the National Bank of Cambodia, will explore the possibility of enabling real-time transfers, payments, and cross border remittance of funds between Cambodia and Malaysia through the National Bank of Cambodia’s Bakong payment system and Maybank’s Maybank2u digital platform.

The Bakong payment system that uses blockchain technology is established by National Bank of Cambodia for real-time transfer, payment, and settlement across different banking and financial institutions in Cambodia.

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