The National Bank of Cambodia (NBC) and Maybank have collaborated to launch the Maybank-Bakong Cross Border Funds Transfer, a real-time funds transfer service between Malaysia and Cambodia via the NBC Bakong e-wallet and the Maybank MAE app.
Bakong is a retail central bank digital currency (CBDC) project created by NBC, the first in SouthEast Asia.
Maybank is the world's first bank to collaborate with the NBC on its Bakong international payment and remittance system.
The service enables Maybank customers in Malaysia to transfer funds directly to friends, family, or business partners in Cambodia via the MAE app, using only the recipients' registered Bakong e-wallet mobile phone numbers.
Customers will be able to transfer funds from Malaysia to Cambodia in the first phase, with transfers from Cambodia to Malaysia coming later.
According to a joint statement, the service is also inexpensive because it charges a low service fee. Customers of Maybank can transfer funds up to US$ 2,500 (or RM10,000 equivalent) per day using their mobile devices.
H.E. Dr. Serey Chea, Assistant Governor and Director General of Central Banking of the NBC said, “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.”
Group President and CEO of Maybank, Datuk Abdul Farid Alias said,
“Leveraging our ASEAN connectivity and digital capability, we have transformed the inter-country funds transfer experience between Malaysia and Cambodia, making it the most convenient yet cost-effective in the market.
The launch also marks a new milestone for Maybank’s digital journey as it is the first overseas fund transfer feature on our MAE app.