Maybank, National Bank of Cambodia boost cross border payment, remittance

From left to right seated: Datuk Mohd Hanif Suadi, CEO of Maybank Cambodia, Chea Serey, assistant governor and director general, central banking of the National Bank of Cambodia, Datuk Hamirullah Boorhan, head of community financial services of Maybank Malaysia signed the MoU. Also present were Dr Sum Sannisith, deputy governor, National Bank of Cambodia (standing, fourth from the left), and management members of both banks.

KUALA LUMPUR: Malayan Banking Bhd (Maybank) and the National Bank of Cambodia will work together to boost cross border payment and remittance between both countries.

Both banks had on Wednesday inked an memorandum of understanding (MoU) for the collaboration.

Maybank Malaysia, Maybank Cambodia and the National Bank of Cambodia, will work together to explore the possibility of enabling real time transfers, payments, and cross border remittance of funds between Cambodia and Malaysia.

This will be done through the National Bank of Cambodia’s Bakong payment system and Maybank’s Maybank2u digital platform.

The Bakong system is a payment system using blockchain-based technology, established by National Bank of Cambodia for real time transfer, payment, and settlement across different banking and financial institutions in Cambodia.

Chea Serey, the assistant governor and director general, central banking of the National Bank of Cambodia said the Bakong system would provide more possibilities to enhance payment system at both domestic and regional level.

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.

Datuk Hamirullah Boorhan, head of community financial services of Maybank Malaysia said by leveraging on its Asean connectivity and Maybank2u digital platform, “we look forward to providing our customers in Malaysia and Cambodia with a convenient yet cost-effective solution for inter-country funds transfer”.

Last year, more than 66% of all mobile banking transactions in Malaysia were done through the Maybank App, while more than 52% of all internet banking transactions went through Maybank2u; this collaboration will further expand and enhance Maybank2u’s capabilities.

CEO of Maybank Cambodia, Datuk Mohd Hanif Suadi said the banking group was always working hard to meet the consumers' ever-evolving needs of our customers.

Hanif said the bank was continually transforming itself through digital innovations to serve in a fast, hassle-free and secure manner.

Upon launching, this service is expected to benefit Cambodians who are residing in Malaysia and Malaysians who live in Cambodia as well as businesses in both countries through the Bakong e-wallet and Maybank2u in terms of cross border fund transfer for trade settlement and remittance.