The National Bank of Cambodia is very proud that one of our senior managements was awarded as a recipient of the “Future Payment System” by the Center for Finance, Technology and Entrepreneurship and the Budapest Institute of Banking. Her Excellency Chea Serey, Assistant Governor and Director General of Central Banking, was elected by the public via online voting as an individual who has driven innovation and is a game-changer in payment system.
In addressing the lack of interoperability and interconnectivity across banks and financial institutions which restrain customers from making electronic payments and fund transfers at affordable cost, Her Excellency Chea Serey has led the team in developing the Bakong system which acts as a backbone payment system connecting all the bans and financial institutions to one common platform. Bakong System is a core payment system infrastructure which enables its member banks and financial institutions to make interoperable payments in a safe and efficient manner that offers free of charge for fund transfers and reduces transaction costs and promotes financial inclusion. Meanwhile, Bakong payment system which uses Blockchain technology was developed and officially launched on October 28, 2020. The Bakong system has been contributing to promoting cashless payments, in which the usage of electronic payments have been increasing during the COVID-19 pandemic. The launch of Bakong system is another breakthrough that the National Bank of Cambodia has achieved in modernizing its payment systems in response to current economic and financial developments as well as driving the country toward digital economy in line with the Industrial Revolution 4.0 and the context of regional digital economy.