The number of Khmer Riel transactions in Bakong payment system reached to 75.5 million transactions with a total amount of 64.9 trillion Riel, as of the first semester of this year, H.E Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC) said on Friday.

The transactions in the U.S. dollar reached 99.8 million transactions with total amount of US$38.8 billion, she said.

‘The Bakong system has been providing more functions to the users, pushing the number of users to see further increase, which has promoted the use and contributed to the improvement of the financial inclusion and the image of Cambodia on the international stage,’ she said in the first half-year meeting of the National Bank held on July 19.

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 benefi
ts 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.

Source: Agence Kampuchea Presse