Maybank
Maybank to Partner with National Bank of Cambodia for Cross-border Payments and Remittances
October 21, 2019
Maybank
Maybank to Partner with National Bank of Cambodia for Cross-border Payments and Remittances
October 21, 2019

Malayan Banking Bhd (Maybank) has signed a Memorandum of Understanding (MoU) with the National Bank of Cambodia (NBC) on cross-border payments and remittances.

On October 16, The Edge Markets, a Business News Outlet of Malaysia, reported that Maybank, the largest bank in Malaysia, will work together with the National Bank of Cambodia to promote cross-border payments and remittances.

With the MoU, Maybank Malaysia, Maybank Cambodia and National Bank of Cambodia will explore the possibility of transferring funds between Cambodia and Malaysia through NBC’s blockchain-based Bakong payment system and Maybank’s Maybank2u digital platform

Chea Serey, the Assistant Governor and Director-General of Central Banking at NBC, said that the Bakong system will enhance the current payment system at both domestic and regional levels.

Serey added:

“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.”

Chea Serey

Likewise, the Edge Markets states that more than 66% of all mobile banking transactions in Malaysia were conducted through the Maybank App in 2018, while more than 52% of all internet banking transactions went through Maybank’s digital platform.

NBC began testing its Bakong mobile app earlier in July. At the time, NBC said that the peer-to-peer payments app would help the country’s unbanked populace and improve financial inclusion.

ALSO READ :  Ben Askren Says ‘I think XRP is a scam’

In July, Philippines-based UnionBank finished a blockchain-based remittances pilot for payments between the Philippines and Singapore. The pilot was the result of a partnership between UnionBank and Singapore-based OCBC Bank, wherein the bank used blockchain-based tokenized fiat to remit from OCBC to an account holder at a rural Cantilan Bank.

Thus, in April, the United States-based Western Union Company partnered with Philippines-based Coins.ph, the e-wallet provider to enable Filipinos to conduct cross-border money transfers.

Source: theedgemarkets.com | cointelegraph.com | khmertimeskh.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!