\tCambodia\u2019s central bank announced it was testing a mobile payment system designed to facilitate peer-to-peer transactions between account holders of some of the largest financial institutions in the country, Khmer Times reported.<\/p>\n
The system, named Bakong, already has four institutions signed-up for compatibility: Acleda Bank, Foreign Trade Bank, Wing Specialised Bank and Vattanac Bank.<\/p>\n
In a statement to the newspaper, the National Bank of Cambodia said Bakong will process transfers through users scanning in-app QR codes, using mobile numbers or using existing platforms such as mobile wallets provided by partner banks.<\/p>\n
The ultimate aim of the service is to increase financial inclusion, with a specific focus on rural areas of the country. The central bank said it would also ease transfer between different banks and host transfers across international borders.<\/p>\n
According to World Bank figures, in 2017 Cambodia had 8.3 million unbanked adults out of a total adult population of 10.6 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cambodia’s central bank announced it was testing a mobile payment system designed to facilitate peer-to-peer …<\/p>\n
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