Cambodia's Bakong digital currency system, operated by the National Bank of Cambodia (NBC), has partnered with Chinese payment provider Alipay to improve cross-border payments. Under the memorandum of understanding (MoU), Cambodian vendors using QR codes from the Bakong system can now make payments to over 80 million Alipay merchants worldwide. This collaboration aims to expand cross-border payments between Cambodia and China. Additionally, Chinese visitors to Cambodia can use Alipay to shop in the country by scanning QR codes from the Bakong system. The MoU was signed at the FinTech Expo in Singapore and intends to facilitate secure and efficient cross-border payment transactions using QR codes between the KHQR network and Alipay+. The Bakong system, built on blockchain technology, is not a central bank digital currency (CBDC) since the circulating tokens are liabilities of commercial banks rather than the central bank. This partnership is significant as Cambodia is becoming increasingly popular among Chinese and international tourists. Payments can be made in both the local currency (riel) and the US dollar. The collaboration was praised by Douglas Feagin, senior vice president of Ant Group and head of Alipay+, who highlighted its convenience for tourists. The MoU was also welcomed by Khim Sambo Rothana, head of public relations and the Corporate Social Responsibility department at ABA Bank, as a positive step in promoting the use of the Cambodian fiat currency. In the first half of 2023, Bakong recorded over 35.4 million transactions, totaling more than $12 billion, which represents about 67% of Cambodia's GDP. Bakong is already operational in Vietnam, Thailand, and Malaysia.
Залишайтеся на зв'язку
Підпишіться на нашу розсилку та отримуйте інформацію про вихід нових статей, інформацію про ексклюзивні знижки та інше
Або підпишіться на наш Telegram, щоб завжди бути в курсі наших новин.