NBC Launches Bakong System Officially

National Bank of Cambodia (NBC) today launched officially Bakong system, a new generation of payment system in Cambodia aiming at modernising the payment system in the Kingdom and responding to the growth of economy and financial technology.

H.E. Ms. Chea Serey, Director General of NBC’s Central Banking, said that Bakong system is a Bankbone Payment System where its development is to serve main objectives – enabling interoperability between financial institutions, enhancing efficiency and security for payment system, promoting financial inclusion, and promoting the use of Khmer Riel (cashless).

“For the time being, the development of Bakong system will contribute to the economic development, bringing to digital economy of 4th Industrial Revolution in accordance with the context of ASEAN digital economy,” she said.

The development of Bakong system was an initiative of the NBC, introduced in June 2018 and this developed project has been known as Bakong system, the Khmer temple which was built in 881 AD.

Some 39 institutions have expressed their interests in participating in the project since it was announced.

Up to now, the number of participating institutions has reached 18 – 16 from banks and microfinance institutions and 2 from payment service institutions.

NBC said 24 other institutions have obtained an approval in principle.

H.E. Ms. Chea Serey encouraged all member institutions to continue providing services to customers in a professional and responsible manner and contribute to widely promoting Bakong system to the public so as to modernise the payment system in Cambodia.

Source: Agency Kampuchea Press