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Maybank to Partner with National Bank of Cambodia for Cross-border Payments and Remittances

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.

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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.

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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.

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, the e-wallet provider to enable Filipinos to conduct cross-border money transfers.

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