Maybank and National Bank of Cambodia established Partnership

Malaysia’s Maybank and the National Bank of Cambodia established their partnership with each other to facilitate real time border transactions through the use of digital assets.

It is the first time in the history where two banks of different countries established a partnership to use Digital assets payment network system to boost their remittance services real time & efficiently.

Maybank & Bank of Cambodia announced their partnership to launch a service that will help Malaysia & Cambodia to transfer funds between these two countries with real time speed. 

So this became the first international partnership between a national bank of Malaysia and Cambodia’s Bakong digital payments system. 

Under this partnership, these two banks will integrate their e-wallet service to facilitate the transactions. Namely they will allow the real time transaction through the NBC’s Bakong e-wallet and Maybank’s MAE app. 

The customers of Maybank will be allowed to transfer funds of maximum $2,500 per day. 

The transaction fees will also charge by these two banks to their customers but for now they are in the initial phase of this service. And they will roll out the service of transaction of funds later soon.

National Bank of Cambodia’s assistant Governor Serey Chea said that 

“We are very pleased to launch the Maybank-Bakong Cross Border Funds Transfer, which is Bakong’s first inter-country payment service. Cambodia citizens working or residing in Malaysia will greatly benefit from this service as they are now able to transfer money to their Bakong e-wallets easily and at a low cost”

Chea also in an earlier statement said that the widely regarded as a CBDC because of its awesome features, such as its underlying technology, was intended to be a backbone payment system.

Well here the whole system will work under the tokenized based system as a digital currency.

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