National Bank of Cambodia, Maybank launch real-time funds transfer service

This real-time funds transfer service between Malaysia and Cambodia is executed through the NBC’s Bakong e-wallet and Maybank’s MAE app.

UALA LUMPUR: The National Bank of Cambodia (NBC) and Maybank have jointly launched the Maybank-Bakong cross border funds transfer which further leverages on technology to benefit the people in both countries.

In a joint statement on Wednesday, they said this real-time funds transfer service between Malaysia and Cambodia is executed through the NBC’s Bakong e-wallet and Maybank’s MAE app.

“The ultra-convenient service allows Maybank customers in Malaysia to transfer funds directly to their friends, family or business partners in Cambodia via the MAE app, using just the mobile phone numbers of the recipients registered with Bakong e-wallet,” they said.

In the first phase, customers will be able to transfer funds from Malaysia to Cambodia, while transfers from Cambodia to Malaysia will be rolled out at a later date.

There is a minimal service fee. Maybank customers can transfer funds up to US$2,500 (or RM10,000 equivalent) daily via their mobile devices.

The governor of NBC Chea Chanto said that Bakong cross-border payment and remittance between Cambodia and Malaysia would enable both countries to reach another level of financial cooperation.

He said Maybank-Bakong cross border funds transfer further leverages on technology to benefit the people in both countries, especially the migrant workers who need to remit funds to support their family in a secure and cost-efficient manner.

The assistant governor and director general of central banking of NBC, Dr Chea Serey said this is Bakong’s first inter-country payment service.

“Cambodia citizens working or residing in Malaysia will greatly benefit from this service as they are now able to transfer money to their Bakong e-wallets easily and at a low cost.

“This gives them greater financial empowerment as they are able to actively manage their own funds including paying bills for their families and transferring money to their loved ones,” she said.

She added that beyond promoting the development of fintech and enhancing cross-border connectivity between both countries, enabling fast, low-cost international remittance to Cambodia is also a tool to accelerate financial inclusion for the underprivileged communities.

Maybank group president and CEO, Datuk Abdul Farid Alias said that Maybank is honoured to be the first bank in the world to partner the NBC for its Bakong’s international payment and remittance system.

“Leveraging our Asean connectivity and digital capability, we have transformed the inter-country funds transfer experience between Malaysia and Cambodia, making it the most convenient yet cost-effective in the market. The launch also marks a new milestone for Maybank’s digital journey as it is the first overseas fund transfer feature on our MAE app,” he said.

Maybank Cambodia CEO Datuk Mohd Hanif Suadi said the cross border funds transfer will address long standing issues of high transfer fees and lengthy transaction time.

“It will certainly help lessen the burden of Cambodians working in Malaysia and their families, as they are able to receive the funds instantly and hassle-free.

“This is very much in line with Maybank Cambodia’s focus to create a digital network to provide a seamless, secure and stress-free banking experience for our customers,” he said.

In conjunction with the launch, Maybank is having a promotion and will waive the service fees for all transfers made from now until Dec 31, 2021.

Customers who wish to access the Maybank-Bakong cross border funds transfer feature can do so via the “transfer” function in their savings or current account on MAE app.