Maybank and National Bank of Cambodia sign Memorandum of Understanding

Maybank and the National Bank of Cambodia have announced that they have signed a memorandum of understanding, promoting their collaboration in the area of Cross Border Payment and Remittance between the banks’ home markets of Malaysia and Cambodia.

Through the memorandum of understanding (MOU), Maybank’s Cambodian operation and the National Bank of Cambodia (NBOC) will cooperate to explore the possibility of enabling real time transfers, payments, and cross border remittance of funds between Cambodia and Malaysia, facilitated by NBOC’s Bakong payment system and Maybank’s Maybank2u digital platform.

NBOC launched it’s Bakong solution capitalises on blockchain technology, with the project providing the backbone for real-time retail payments, connecting financial institutions and payment providers, creates payment gateways, and allows end-users to make transactions via the bank’s app, according to a report by Tharum.

The Assistant Governor and Director General for Central Banking at NBOC, H.E. Chea Serey, said of the MOU that “The introduction of Bakong system will provide more possibilities in enhancing payment system at both domestic and regional level and the signed 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.”

Datuk Hamirullah Boorhan, the Head of Community Financial Services of Maybank Malaysia, commented further, saying that “Maybank is honoured to be National Bank of Cambodia’s global partner for Bakong’s cross border payment and remittance. Leveraging our 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. This collaboration will bring Maybank a step closer to achieving its aspiration to be the ‘Digital Bank of Choice’ in the region.”

In 2018, 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.

The CEO of Maybank’s Cambodia operation, Dato’ Mohd Hanif Suadi, said that “We aspire to meet the ever-evolving needs of our customers by continually transforming ourselves through digital innovations to serve in a fast, hassle-free and secure manner. With this collaboration, we strive to enhance our offerings by providing relevant end-to end solutions to a wider customer base via differentiated digital proposition whilst contributing to the growth of the financial services industry.”

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.