Cambodia Makes Major Strides In Payment System Infrastructure: Central Bank Governor

PHNOM PENH, Sept 18 (Bernama-Xinhua) -- The National Bank of Cambodia (NBC) has made significant progress in modernising the country's payment system infrastructure, according to NBC Governor Chea Serey, who announced the development on Wednesday.

Speaking at the CamTech Summit 2024 in Phnom Penh, Serey highlighted that NBC has introduced several key initiatives, including the National Clearing System, Fast Payment, Online Banking, NBC-Platform, Cambodian Shared Switch, and the innovative Bakong.

"These efforts aim to make payment services more accessible, particularly for individuals and businesses residing in rural areas, encouraging everyone to engage in digital financial transactions," she said, reported Xinhua.

"We are also witnessing a significant increase in digital payment methods, like KHQR Code payments," Serey said. "This technology has truly transformed how Cambodians pay for goods and services, bringing many benefits to both consumers and businesses alike."

The governor said that recently, NBC also launched the first phase of the "Bakong Tourists App", designed to enhance the tourism sector in Cambodia by providing a digital payment solution for international visitors.

"This initiative aims to reduce reliance on cash, allowing tourists to make payments by scanning with KHQR Codes at approximately 3.3 million merchant locations nationwide," Serey said. "In the near future, we plan to enable tourists to link their international payment cards for account top-ups and transfers."

As of June 2024, Cambodia has 59 commercial banks, nine specialised banks, 87 microfinance institutions, and 115 rural credit institutions across the country, with 21.3 million deposit accounts and 4 million credit accounts, according to the NBC.

--BERNAMA-XINHUA