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Cambodia Anticipates digital Money rollout

Cambodia remains anticipating the rollout of its electronic money, after reports by the country’s central bank before this year indicating it was planning an imminent initiation of the technology.

Back in ancient 2020, the National Bank of Cambodia said that it was launching a virtual money, powered by blockchain, at this first quarter of the year. Nevertheless, moving to Q3, there’s still no indication of the electronic money, called Bakong.

Earlier in the week, the bank’s director-general Chea Serey was offered by The Phnom Penh Post stating that Bakong was launched in analyzing in July, and will be up and running at the end of the quarter. This might indicate a fresh deadline of September 30 for its money to be in widespread usage in the nation.

Serey mentioned that the job had secured the backing of numerous partners inside the Cambodian banking system.

“Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with. Eventually, we hope to allow cross border payment through the Bakong system too.”

Amongst the banks to be embracing the electronic money at the start is Phnom Penh Commercial Bank. Bank president Shin Chang Moong stated the electronic money will finally improve Cambodia’s payment and financial systems.

“Some are concerned that banks might lose some of its market share to Bakong. This is partly true, at least in the short term. However, our industry is relatively immature in terms of the number of service providers and users. Bakong will eventually create financially inclusive ecosystems that all the stakeholders in the industry can benefit from.”

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The information is as other regional forces, such as China and Japan, are reporting progress within their drives to set up and launch digital monies.

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Oliver Smith

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