Malaysia’s Largest Bank Signs Blockchain Partnership for Remittance

The Malaysian news outlet The Edge Markets reported in mid-October that the largest Malaysian bank (Maybank) would work alongside the National Bank of Cambodia to encourage cross – border payments and remittances. This agreement will explore the possibility of transferring funds between Cambodia and Malaysia through NBC’s blockchain-based ‘Bakong’ payment system at both levels; domestic and regional.

“The 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.” Said Chea Serey, the assistant governor and director-general of central banking at NBC.

It is worth noting that more than 66% of gross mobile banking transactions in Malaysia are conducted through the banking app by Maybank as of 2018. Besides, more than 52% of internet banking transactions go through Maybank’s digital platform. The National Bank of Cambodia began testing of its mobile app early in July, at present, the NBC said that the peer to peer payments app would aid the country’s unbanked population and improve financial inclusivity.