Bakong Digital Currency Surpasses 10 Million Accounts in Cambodia
Bakong, the digital currency of Cambodia, has achieved a significant milestone by surpassing 10 million opened accounts, which accounts for around 60% of the country’s population. The central bank governor, Chea Serey, disclosed this information during an interview with Nikkei Asia. Bakong, developed in collaboration with a Japanese startup, has been widely adopted for transactions in Cambodia.
Expanding Bakong’s Reach Internationally
The report also mentions that Cambodia plans to expand the reach of Bakong beyond its borders. The central bank is working on a collaboration with UnionPay International, China’s card payment service, and other global partners to achieve this goal. Cross-border payment connectivity with Thailand, Laos, and Vietnam has already been launched.
Enhancing the Cross-Border Payment Network
The National Bank of Cambodia aims to enhance the cross-border payment network for Bakong. This initiative will facilitate seamless transactions internationally. Financial inclusion is a top priority for the central bank, with a focus on consumer protection and cybersecurity.
Partnerships and Collaborations
The central bank has signed a memorandum of understanding with Ant Group’s digital payment service, Alipay. Additionally, collaborations have been established with the Central Bank of Solomon Islands, the Reserve Bank of Fiji, and the National Bank of Rwanda. Furthermore, a memorandum of cooperation has been inked between the National Bank of Cambodia and Japan’s Ministry of Economy, Trade, and Industry to enable QR code-based payments between the two countries.
Leveraging Bakong for Financial Inclusion
Bakong was launched in 2020 through collaborations between Cambodia’s central bank and several commercial banks. The underlying blockchain architecture was designed by Japanese tech firm Soramitsu Co. With the widespread use of smartphones in Cambodia, the central bank aims to leverage Bakong as a solution to provide banking services to the unbanked population.
Hot Take: Bakong Digital Currency Driving Financial Inclusion in Cambodia
Bakong, Cambodia’s digital currency, has achieved significant success by surpassing 10 million opened accounts, representing around 60% of the country’s population. With plans to expand internationally and enhance cross-border payment networks, Bakong is driving financial inclusion in Cambodia. Collaborations with global partners and the establishment of partnerships with various central banks demonstrate Cambodia’s commitment to expanding the reach of its digital currency. By leveraging Bakong’s blockchain technology and smartphone adoption in the country, Cambodia aims to bring banking services to the unbanked population. The progress of Bakong showcases the potential for digital currencies to transform financial systems and promote inclusivity.
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