Malayan Banking Bhd (Maybank), together with the National Bank of Cambodia (NBC), has reportedly agreed on a memorandum of understanding (MoU), regarding cross-border payments and remittances.

Reported by The Edge Markets, Maybank – the biggest banking establishment in Malaysia – has partnered with the National Bank of Cambodia, in an attempt to enhance cross-border payments and remittances.

Through the MoU, Maybank Malaysia, Maybank Cambodia and NBC will try to come up with a solution to move funds, back and forth, the Malay-Cambodia route, using NBC’s blockchain-powered Bakong payment feature, and Maybank’s Maybank2u digital platform. 

Chea Serey, the assistant governor and director-general of central banking at NBC, believed that the Bakong system will amp up the efficiency of the existing payment system, both domestically and regionally. 

“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.” Serey further remarked. 

A significant amount of Malay-based mobile banking transactions (66%) were finalized, using Maybank App, last year, while over 52% of all internet banking transactions were facilitated by Maybank’s digital platform.