Last week, the National Bank of Cambodia (NBC) and Maybank jointly launched the Maybank-Bakong Cross Border Funds Transfer, a real-time funds transfer service between Malaysia and Cambodia through the NBC’s Bakong e-wallet and Maybank’s MAE app.
The service allows Maybank customers in Malaysia to transfer funds directly to recipients in Cambodia via the MAE app. Funds can be transferred using just the mobile phone numbers of the recipients registered with Bakong e-wallet. In the first phase, customers will be able to transfer funds from Malaysia to Cambodia, while transfers from Cambodia to Malaysia will be rolled out at a later date.
The service charges a minimal service fee, and Maybank customers are able to transfer funds up to USD2,500 (or RM10,000 equivalent) daily via their mobile devices. Maybank is currently having a promotion and will waive the service fees for all transfers made from now until 31 December 2021.