Malayan Banking Bhd (Maybank) has signed a memorandum of understanding (MoU) with the National Bank of Cambodia (NBC) on cross-border funds and remittances.
On Oct. 16, Malaysian enterprise information outlet The Edge Markets reported that the most important financial institution in Malaysia, Maybank, will work along with the National Bank of Cambodia to advertise cross-border funds and remittances.
With the MoU, Maybank Malaysia, Maybank Cambodia and NBC will discover the potential for transferring funds between Cambodia and Malaysia by way of NBC’s blockchain-based Bakong cost system and Maybank’s Maybank2u digital platform.
Chea Serey, the assistant governor and director-general of central banking at NBC stated that the Bakong system will improve the present cost system at each home and regional ranges, including:
“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.”
More than 66% of all cell banking transactions in Malaysia have been carried out by way of the Maybank App in 2019, whereas greater than 52% of all web banking transactions went by way of Maybank’s digital platform, The Edge Markets states.
NBC started testing its Bakong cell app earlier in July. At the time, NBC stated that the peer-to-peer funds app would assist the nation’s unbanked populace and enhance monetary inclusion.
The use of blockchain tech for remittances is rising
In July, Philippines-based UnionBank completed a blockchain-based remittances pilot for funds between the Philippines and Singapore. The pilot was the results of a partnership between UnionBank and Singapore-based OCBC Bank, whereby the financial institution used blockchain-based tokenized fiat to remit from OCBC to an account holder at a rural Cantilan Bank.
In April, the United States-based Western Union Company partnered with Philippines-based e-wallet supplier Coins.ph to allow Filipinos to conduct cross-border cash transfers.
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