Cambodia’s Project Bakong to Go Live Within Next Few Months

 

 

 

 

 

National Bank of Cambodia director-general Serey Chea has confirmed that the central bank’s blockchain-based peer-to-peer payment system will be launched in the next several months, the Phnom Penh Post reports. Serey described the CBDC effort, which has been called Project Bakong, as Cambodia’s “national payment gateway.”

The project successfully completed trials in 2019. According to Serey, Bakong now has the support of eleven of Cambodia’s banks, and the NBC expects that more will join as the project moves closer to launch. She noted its important role in unifying the country’s payment and money transfer systems:

“Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.

 

Eventually, we hope to allow cross border payment through the Bakong system too.”

Phnom Penh Commercial Bank (PPCBank) president Chang Moo Shin confirmed that his bank has already signed on to the project, with plans to integrate the system at all of its branch locations. He noted that the new system should provide users with greater convenience and cost savings, especially when compared to existing options like mobile platforms, credit cards, and debit cards.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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