The National Bank of Cambodia (NBC) launched a mobile payment platform on Wednesday, known as Bakong system, aiming to modernize the kingdom's payment system, said Director General of the central bank, Chea Serey.
Speaking at the launching event, Serey said the NBC-initiated Bakong system is a core payment system that enables interoperability between banks and financial institutions with safety, efficiency, and cost-saving.
"Bakong system is the backbone payment system for all institutions to be connected in just one system," she said.
To date, 18 institutions including 16 banks and financial institutions as well as two mobile payment service providers have participated in the system, as another 24 institutions have been approved in principle to join it, Serey said.
She added that the new system will facilitate money transfers and payments online in either Cambodian riels or U.S. dollars.
"Through Bakong system, customers of each institution are able to transact mutually with efficiency, speed and cost-saving," she said.
"Additionally, during the COVID-19 crisis, I hope the official launch of Bakong system today will help promote social welfare and also prevent the spread of the virus through facilitating e-payments from person to person seamlessly without involving cash," she noted.