Maybank, National Bank of Cambodia to promote cross-border payment, remittance

KUALA LUMPUR: 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 including Maybank Cambodia would work together to explore the possibility of enabling real-time transfers, payments and cross-border remittance of funds between both countries through the National Bank of Cambodia’s Bakong payment system and Maybank’s Maybank2u digital platform.

It said the Bakong system is a payment system using blockchain-based technology for real-time transfer, payment, and settlement across different banking and financial institutions in Cambodia.

National Bank of Cambodia assistant governor and director-general, central banking Chea Serey said the introduction of the Bakong system would provide more possibilities in enhancing 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 Maybank a step closer to achieving its aspiration to be the ‘Digital Bank of Choice’ in the region.

Last year, more than 66 per cent of all mobile banking transactions in Malaysia were done through the Maybank App, while more than 52 per cent of all internet banking transactions went through Maybank2u.

Meanwhile, Maybank Cambodia chief executive officer Datuk Mohd Hanif Suadi said the bank aspires 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.

“With this collaboration, we strive to enhance our offerings by providing relevant end-to-end solutions to a wider customer base via differentiated digital proposition whilst contributing to the growth of the financial services industry,” he said. — Bernama