KUALA LUMPUR: Malayan Banking Bhd (Maybank) has signed a Memorandum of Understanding (MoU) with the National Bank of Cambodia to collaborate in the area of cross border payment and remittance between Cambodia and Malaysia.
Through the MOU, Maybank Malaysia, Maybank Cambodia and the National Bank of Cambodia, will 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.
The Bakong payment system that uses blockchain technology is established by National Bank of Cambodia for real-time transfer, payment, and settlement across different banking and financial institutions in Cambodia.
The National Bank of Cambodia assistant governor and director general Chea Serey said the Bakong system will enhance payment system at both domestic and regional level.
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, she added.
She also said the collaboration will substantially contribute to the promotion of trade activities and financial inclusion in Cambodia and Malaysia.
Maybank head of community financial services Datuk Hamirullah Boorhan said: “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.
Hamirullah added that the collaboration will bring Maybank closer to achieving its aspiration to be the “Digital Bank of Choice” in the region.
Last year, more than 66 per cent of all mobile banking transactions in Malaysia were done via the Maybank App, while more than 52 per cent of all internet banking transactions went through Maybank2u.
Maybank Cambodia chief executive officer Datuk Mohd Hanif Suadi said: “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.
