I set up Bakong account a couple of months ago but I couldn't get it to make an ABA>Acleda transfer. Every time I put my Acleda account number in it told me it didn't exist. It still allowed me to make the transfer so I did a couple of $1 test transfers and the money just vanished.

I was then told by a Khmer friend that it was because I only had an Acleda 'wallet account', which apparently isn't the same as a normal account. Tried to open a normal account at Acleda and it was the usual story - first branch I went to I was told I'd have to supply a work contract, leasing contract, passport, work permit, visa, my dead grandmothers wedding ring and the answer to several, as of yet unsolved, mathematical paradoxes.

Went to another branch with just my passport and a photo of my lease and was able to open an account with ease.

I can now make ABA>Acleda (and vice versa) transfers no problem and the fees are very reasonable.

I’ve transferred money via ABA to ACLEDA using the APP. What’s the point of Bakong?

mannanman wrote: ↑Wed Jan 05, 2022 6:49 pm I’ve transferred money via ABA to ACLEDA using the APP. What’s the point of Bakong?

Much lower transfer fees.

Three questions...

1) The main advantage of installing the Bakong app/wallet is that it will do local interbank transfers for free if the amount is small. Is that correct?

2) Can you make an interbank transfer using Bakong without also having registered a Bakong wallet via the app? (ie.: by using your bank app alone. It appears, yes?)

3) Has anyone made a Bakong transfer, in either of its in two forms, to transfer funds from a Riel account to a U.S. dollar account? (If you don't know, that's okay, maybe you can still answer the first two questions...)

The reason I ask is because some months ago, I tried to do a transfer from my microbank to a regular Cambodia bank via my microbank app, and it didn't work. The origin account is funded in Riel's, and the destination is U.S. dollars.

Anyone's experience on any type of app transfer between local banks allowing exchange between different currency would be helpful...

1) For the moment cheap/free transfer between local banks is one of key feature but overall goal of app is to develop unified interface for all banks

Also many people still do not know but KHQR QR means user can pay/scan with any bank app that support KHQR format. That means there's no reason for shops to have zoo of QR codes just one is enough and can be paid by any app without fee.

2) yes, but this has to be implemented by your bank (e.g right now ABA has "Bakong - send to Local Banks" )
3) Have no experience but i do not think it will work. You have to exchange ur money manually in app.
Bank A (USD) -> Bakong (USD) -> exchange -> Bakong (RIEL) -> Bank B (Riel)

October 3, 2022
NBC to take action on banks, MFIs not using KHQR

The National Bank of Cambodia (NBC) will initiate strict measures on banks and microfinance institutions (MFIs) that are reluctant to replace the common payment platform called KHQR, instead still use their respective digital payment platforms called QR codes, revealed a top NBC official to Khmer Times.

It is unfair that some banks that do not develop KHQR can scan KHQR of other banks with KHQR for digital payment or transfers made, but customers of other banks with KHQR cannot scan the respective QRs of those some banks that do not develop KHQR.

Chea Serey, Director General of Central Banking of NBC, told Khmer Times on the sidelines of a business forum on credit risks, emerging uncertainties and digital disruptions that current customers of 38 banking and financial institutions in Cambodia can make payments through scanning KHQR and making money transfers mutually among these institutions free of charge.

“So, they need to solve this problem. On behalf of the authority, we have been working hard with them to integrate that, but if they do not push for doing that, which leads to the fact that other banks can do it, but some banks cannot it is not fair… We will take existing measures which are many that I cannot mention and will release those measures for them to follow,” said Serey.

In Channy, President and Group Managing Director of Acleda Bank Plc—the first publicly listed commercial bank, said recently that Cambodia has the KHQR as its national or common QR that provides more convenience to banking service and product consumers in making payment and transfers who will just need to use only one QR rather than many.

“Actually, we already have, but the banks still claim that ‘I want mine and the others want theirs. So, they use many even though only one QR can be used by many banks, but the banks still want to claim to put their QRs on the counters [of their merchant partners], I think with an intervention by the central bank, we will have only one QR code for everyone,” said Channy.

The KHQR Code—one QR for all—is the single standard QR Code launched by NBC for banking and financial institutions and payment service providers to serve the customers for other goods and services settlement in Cambodia through the mobile application of individual institutions, while each of them has developed and deployed its individual QR Code for the services or products available at merchants under partnership agreements.

Raymond Sia, Chairman of the Association of Banks in Cambodia (ABC) said that for KHQR Code all banks and microfinance institutions need to reach a collective agreement.
https://www.khmertimeskh.com/501161096/ ... sing-khqr/

I have noticed quite a few outlets that only use one QR code now, regardless of the bank you're with - Chip Mong for example.

It's good that they're pushing for a more unified banking experience for customers. Perhaps this might lead to customers eventually being able to use any banks ATM machines free of charge, like we can in the UK. We can also transfer money between different UK banks free of charge also. I suspect Cambodia is a long way off from this, but this is a good start.

I remember about a decade ago in the UK, banks were talking the possibility of charging people to use other banks ATMs, charging people to transfer money between UK accounts, charging people an annual fee just for having an account with them, and charging them an annual fee for having a debit card (all of which are free). There was so much revolt that the government stepped in and made them change their mind, given that not only do they make enough bloody money out of us already, but when they f*** up, as they did in 2008, it's their customers that end up having to bail them out.

A stone can only be squeezed so much for its blood.

Bakong Users Continue To Grow – Now More Than 8.5 Million
23/02/2023

The NBC Bakong app has seen a meteoric rise in users, especially since the tail-end of 2021. More than 8.5 million users have now been confirmed by the National Bank of Cambodia. At the start of 2023, the banking app had nearly reached 8 million users (the population of Cambodia is estimated at around 16.8 million).

As we have previously reported, NBC officially launched the Bakong digital app on Wednesday 28th October 2020, backed by blockchain technology.

Since then, Bakong has been an Awards for Excellence winner of the 2021 Nikkei Superior Products and Services Awards – and with the added features and rise in cashless payments in the Kingdom, Bakong continues to see significant user growth.

Based on previously published reports the growth of the users on Bakong can be seen as:

Launched – October 2020
End of 2020 – 45,000 users
December 2021 – 288,000 users
July 2022 – 445,000 users
November 2022 – 7.9 million users
February 2023 – 8.5 million users

Accounting for all types of e-wallets, the National Bank of Cambodia said the number in the Kingdom had reached 17.9 million by the end of 2022.
in full: https://www.b2b-cambodia.com/news/bakon ... 5-million/