Payments

Maybank Offers Real-Time Transfers to Cambodia using Central Bank Backed Digital Currency

by Fintech News Malaysia August 11, 2021

The National Bank of Cambodia (NBC) and Maybank have jointly launched the Maybank-Bakong Cross Border Funds Transfer, a real-time funds transfer service between Malaysia and Cambodia through the NBC’s Bakong e-wallet and Maybank’s MAE app.

Bakong is a retail central bank digital currency (CBDC) project developed by NBC, the first central bank in South East Asia to do so.

Maybank is the first bank in the world to partner the NBC for its Bakong international payment and remittance system.

The 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.

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.

According to a joint statement, the service is also affordable as it charges a minimal service fee. Maybank customers are able to transfer funds up to US$ 2,500 (or RM10,000 equivalent) daily via their mobile devices.

Dr. Serey Chea

H.E. Dr. Serey Chea, Assistant Governor and Director General of Central Banking of the NBC said,

“We are very pleased to launch the Maybank-Bakong Cross Border Funds Transfer, which 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.”

Datuk Abdul Farid Alias

Group President and CEO of Maybank, Datuk Abdul Farid Alias said,

“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.”