MOU between NBC and Maybank to promote a collaboration in the area of cross border payment and remittance between Cambodia and Malaysia
2019-10-10

Phnom Penh, Cambodia, 10 October 2019, the National Bank of Cambodia signed an MOU with Maybank to promote a collaboration in the area of cross border payment and remittance between Cambodia and Malaysia. The Memorandum of Understanding was formalized today at a Signing Ceremony held in conjunction with the 40^th Anniversary of the Re-establishment of the National Bank of Cambodia. Through the MOU, the National Bank of Cambodia, Maybank Cambodia and Maybank Malaysia will work together to explore the possibility of enabling real time transfers, payments, and cross border remittance of funds between Cambodia and Malaysia through the National Bank of Cambodia’s Bakong payment system and Maybank’s Maybank2u digital platform. 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. The collaboration will also further accelerate financial inclusion as well as support the move towards a cashless digital society in Cambodia.