MAYBANK INKS MOU WITH CAMBODIAN CENTRAL BANK
Lenders aim to step up financial cooperation by leveraging technology
MALAYAN Banking Bhd (Maybank) has signed a memorandum of understanding (MoU) with the National Bank of Cambodia to promote collaboration in cross-border payment and remittance between Cambodia and Malaysia.
In a statement yesterday, Maybank said both institutions would work together to explore the possibility of enabling real-time transfers, payments and crossborder remittance of funds between both countries through the National Bank of Cambodia’s Bakong payment system and Maybank’s Maybank2u digital platform.
The Bakong system is a payment system using blockchainbased technology.
National Bank of Cambodia assistant governor and directorgeneral (central banking) Chea Serey said the introduction of the Bakong system would provide more potential to enhance the payment system at both the domestic and regional levels.
“The MoU will enable both institutions to reach another level of financial cooperation in further leveraging the technology to benefit the people in Cambodia and Malaysia.
“The collaboration will substantially contribute to the promotion of trade activities and financial inclusion in both countries,” she said.
Maybank Malaysia head of community financial services Datuk Hamirullah Boorhan said this collaboration would bring the local lender a step closer to achieving its aspiration to become the regional “Digital Bank of Choice”.
Last year, more than 66 per cent of mobile banking transactions in Malaysia were done through the Maybank App, while more than 52 per cent of Internet banking transactions went through Maybank2u.
Meanwhile, Maybank Cambodia chief executive officer Datuk Mohd Hanif Suadi said the bank aspired to meet the ever-evolving needs of its customers by continually transforming through digital innovations to serve in a fast, hassle-free and secure manner.