Bakong payment system infrastructure has increased remarkably and has contributed to the use of financial technology and innovations, the National Bank of Cambodia said on Monday.
The number of transactions increased year on year by 3.6 times to 10.24 million transactions, the NBC’s report said.
The total amount was 4.34 trillion Riel and $4.76 billion, which increased by 5.7 times and 6.3 times compared to the same period last year respectively, the report read.
In the first half of 2022, the transaction through Bakong continues to increase in both transactions and amount, it said.
“Bakong system has contributed to the use of financial technology and new innovations. In fact, Bakong has been acting as a popular payment system from the public in recent days, which is safe and convenient,” NBC said.
The NBC officially launched Bakong, a payment system infrastructure in October 2020, saying it enables banks and other financial institutions to work together, with an emphasis on safety, efficiency, cost-saving and, more importantly, financial inclusion.
The Bakong system has provided benefits to the payment system by giving a choice to customers over payments and transactions via mobile phone from one financial institution to another, or from one payment service institution to another member in the Kingdom.
The system is now integrated with partnered banks in the region to allow cross-border money transfers.
The Bakong system is also being used for cross-border transactions and through Maybank, the system can be availed in Malaysia already. Soon, Cambodians working in Thailand can also use the system to transfer money back home.
The Bakong system is a payment system that has an important function to facilitate cross-institutional payment transactions in order to increase the efficiency of the payment system, improve the financial environment, facilitate payment transactions in Riel and contribute to economic development towards the digital economy of the Fourth Industrial Revolution.
Financial technology (Fintech) has played an important role in financial transactions in Cambodia during the pandemic, said Vongsey Vissoth, Permanent Secretary of State, Ministry of Economy and Finance.
“During the Covid-19 pandemic, with a rise in fintech and internet usage, mobile payments have increased remarkably in Cambodia,” he said at the FinTech Stage of Cambodia Tech Expo 2022, held on November 11.
Currently, there are some 70 financial institutions providing mobile payment services in the Southeast Asian nation, according to NBC.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
