The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakong.

CEOCambodiaNews · Post by **CEOCambodiaNews** » Thu Oct 29, 2020 11:23 pm

Cambodia launches blockchain-powered peer-to-peer payments, hopes it crushes cash
Kind-of digital currency can shift US Dollars or the Cambodian Riel
Thu 29 Oct 2020 // 05:02 UTC
Simon Sharwood

Cambodia has launched a blockchain-powered peer-to-peer payment system and it’s hoped the scheme reduces use of cash and helps to control the novel coronavirus.

Named “Bakong”, the scheme allows transactions in either US Dollars or the Cambodian Riel. While billed as a digital currency in many reports, Cambodian sources such as the Bakong web site and an announcement from the micro-lending institution PRASAC refer to it as payment scheme.

Banks are, however, a key part of Bakong as users need a relationship with one to fill a wallet and conduct transactions with participating merchants or other users.

Such transactions will involve scanning a QR code at merchants or using other users’ phone numbers.

Cambodia’s government and central bank are talking up Bakong as just the sort of thing a rapidly-modernising nation on the brink of the fourth industrial revolution ought to be doing, while also pointing out that cashless transactions are a jolly fine idea in the midst of a viral pandemic.

Launch material also includes plenty of references to Bakong as the only payments platform anyone in Cambodia will ever need, such is its reach and the depth of the banks and institutions signed up to participate in the scheme.
https://www.theregister.com/2020/10/29/ ... _currency/

Wilhelm · Post by **Wilhelm** » Sat Nov 21, 2020 12:37 pm

Anyone using that new Bakong digital currency app/system purportedly backed by the central bank?

NHK Japan channel also just had an interesting report on it, and was curious what any user experiences have been like so far, thanks

Bubble T · Post by **Bubble T** » Sat Nov 21, 2020 1:16 pm

Wilhelm wrote: ↑Sat Nov 21, 2020 12:37 pm Anyone using that new Bakong digital currency app/system purportedly backed by the central bank?

NHK Japan channel also just had an interesting report on it, and was curious what any user experiences have been like so far, thanks

This isn't a digital/crypto currency, its just a blockchain based protocol for transferring riel.

whatwat · Post by **whatwat** » Sat Nov 21, 2020 1:20 pm

Exactly. Even though it’s been explained many times (and in the article) it’s not a crypto currency but used blockchain and will be linked to your existing cash deposits.

Wilhelm · Post by **Wilhelm** » Sat Nov 21, 2020 6:02 pm

Thanks, smug dickheads!

CEOCambodiaNews · Post by **CEOCambodiaNews** » Thu Nov 26, 2020 11:51 pm

November 26, 2020
Bakong users can now use Wing to Cash Out from any partner Bank
Customers can now cash out funds from 18 banks nationwide through Bakong
Customers of bank partners of Bakong, the innovative blockchain based inter-operable digital system pioneered by the National Bank of Cambodia (NBC), can now transfer funds with ease through Wing’s nationwide financial ecosystem.

“Over the past 12 years, Wing has stayed true to our vision of providing every Cambodian with mobile financial services that improve their daily lives,” said Neak Oknha Kith Meng, Chairman of Wing. “With this joint force of Wing and Bakong, we will push that vision even further.”

Launched in late October, Bakong is an inter-bank platform enabling fluid payments between traditional banks and other financial institutions in Cambodia. This unified world of digital finance promises to enhance the efficiency and safety of payments, boost financial inclusion and promote cashless transactions in the national currency, the riel.

“It’s the first time ever that such an innovative financial infrastructure is in place to connect banks, financial institutions, and payment service providers for every Cambodian,” said Manu Rajan, CEO of Wing. “Through this partnership, we can facilitate even more instant and convenient digital fund transfers and payments between diverse organizations. With Bakong, customers of all partner banks will now be able to use the country-wide network of Wing Agents to cash out their money”

For individual users, Bakong redefines mobile payment and banking by combining a number of banking and financial services into one platform. Since this digital currency can move easily between people and institutions, users will be able to receive and transfer funds to friends, family members and business partners anytime, anywhere in Cambodia. Today customers of all participating organizations can transfer funds by scanning QR codes, keying in phone numbers or just selecting recipients from their contact list. Bakong users can choose from any financial institutions within Bakong’s network to transfer funds between each other, all of which can be double-checked in the user’s private transaction history. Once transferred, the user can transfer the funds via Bakong to their Wing wallets and use any Wing agents across the country to cash it out.
Full article: https://www.khmertimeskh.com/50786379/b ... tner-bank/

Post by **Clutch Cargo** » Sat Dec 12, 2020 2:53 pm

I noticed on my ABA app there is now under 'Transfers' new sub categories 'Transfer to local bank- Bakong' and 'Transfer to Bakong wallet'. The former allows me to select Acleda bank (previously there was no facility to transfer to Acleda via the app) and it seems that for every $1000 you transfer, they will charge you $1. So it doesn't appear to be a free service.

When I go into the ToanChet app (ie Acleda), it also has funds transfer between local banks via Bakong however when I select that it asks to activate my account and when I select that it then says my number has already been activated with Bakong.. Restore access needs an operator code (from the bank presumably).

ToanChet also has fund transfers via RetailPay but ABA is not listed. I would love to have a fee free way to transfer between the 2 banks.

Has anybody else used this Bakong transfer via their bank app? Or am I supposed to set up the Bakong app as well and use their Bakong Wallet?

Doc67 · Post by **Doc67** » Mon Dec 14, 2020 11:31 am

clutchcargo wrote: ↑Sat Dec 12, 2020 2:53 pm I noticed on my ABA app there is now under 'Transfers' new sub categories 'Transfer to local bank- Bakong' and 'Transfer to Bakong wallet'. The former allows me to select Acleda bank (previously there was no facility to transfer to Acleda via the app) and it seems that for every $1000 you transfer, they will charge you $1. So it doesn't appear to be a free service.

When I go into the ToanChet app (ie Acleda), it also has funds transfer between local banks via Bakong however when I select that it asks to activate my account and when I select that it then says my number has already been activated with Bakong.. Restore access needs an operator code (from the bank presumably).

ToanChet also has fund transfers via RetailPay but ABA is not listed. I would love to have a fee free way to transfer between the 2 banks.

Has anybody else used this Bakong transfer via their bank app? Or am I supposed to set up the Bakong app as well and use their Bakong Wallet?

I have. I can now transfer from Prasac direct to my ABA account. Previously it was either cash or a cheque. I found the transfer section on the Prasac app and found ABA on the Bakong route. I sent a test amount and it hit my ABA account in a few minutes. No Fee.

I updated a previously asked question I posted on the subject.
business-and-finance/prassac-aba-transf ... 78-10.html

Post by **Clutch Cargo** » Mon Dec 14, 2020 1:55 pm

Doc67 wrote: ↑Mon Dec 14, 2020 11:31 am
clutchcargo wrote: ↑Sat Dec 12, 2020 2:53 pm I noticed on my ABA app there is now under 'Transfers' new sub categories 'Transfer to local bank- Bakong' and 'Transfer to Bakong wallet'. The former allows me to select Acleda bank (previously there was no facility to transfer to Acleda via the app) and it seems that for every $1000 you transfer, they will charge you $1. So it doesn't appear to be a free service.

When I go into the ToanChet app (ie Acleda), it also has funds transfer between local banks via Bakong however when I select that it asks to activate my account and when I select that it then says my number has already been activated with Bakong.. Restore access needs an operator code (from the bank presumably).

ToanChet also has fund transfers via RetailPay but ABA is not listed. I would love to have a fee free way to transfer between the 2 banks.

Has anybody else used this Bakong transfer via their bank app? Or am I supposed to set up the Bakong app as well and use their Bakong Wallet?
I have. I can now transfer from Prasac direct to my ABA account. Previously it was either cash or a cheque. I found the transfer section on the Prasac app and found ABA on the Bakong route. I sent a test amount and it hit my ABA account in a few minutes. No Fee.

I updated a previously asked question I posted on the subject.
business-and-finance/prassac-aba-transf ... 78-10.html

That's interesting that you got no fee for Prasac>ABA coz when I go into the ABA app to Bakong transfers to do a reverse transaction eg ABA>Prasac or ABA>Acleda it shows a 50c fee for a $10 transfer, $1 for $1000, $10 for $10,000 but if $10,001 there is no fee. This is just entering the details without actually doing a transaction.

In any event, I have to go into Acleda coz Bakong transfers comes up with an error on their app.

cautious colin · Post by **cautious colin** » Mon Dec 14, 2020 8:00 pm

clutchcargo wrote: ↑Mon Dec 14, 2020 1:55 pm
Doc67 wrote: ↑Mon Dec 14, 2020 11:31 am
clutchcargo wrote: ↑Sat Dec 12, 2020 2:53 pm I noticed on my ABA app there is now under 'Transfers' new sub categories 'Transfer to local bank- Bakong' and 'Transfer to Bakong wallet'. The former allows me to select Acleda bank (previously there was no facility to transfer to Acleda via the app) and it seems that for every $1000 you transfer, they will charge you $1. So it doesn't appear to be a free service.

When I go into the ToanChet app (ie Acleda), it also has funds transfer between local banks via Bakong however when I select that it asks to activate my account and when I select that it then says my number has already been activated with Bakong.. Restore access needs an operator code (from the bank presumably).

ToanChet also has fund transfers via RetailPay but ABA is not listed. I would love to have a fee free way to transfer between the 2 banks.

Has anybody else used this Bakong transfer via their bank app? Or am I supposed to set up the Bakong app as well and use their Bakong Wallet?
I have. I can now transfer from Prasac direct to my ABA account. Previously it was either cash or a cheque. I found the transfer section on the Prasac app and found ABA on the Bakong route. I sent a test amount and it hit my ABA account in a few minutes. No Fee.

I updated a previously asked question I posted on the subject.
business-and-finance/prassac-aba-transf ... 78-10.html
That's interesting that you got no fee for Prasac>ABA coz when I go into the ABA app to Bakong transfers to do a reverse transaction eg ABA>Prasac or ABA>Acleda it shows a 50c fee for a $10 transfer, $1 for $1000, $10 for $10,000 but if $10,001 there is no fee. This is just entering the details without actually doing a transaction.

In any event, I have to go into Acleda coz Bakong transfers comes up with an error on their app.

10,001 has no fee because that is above the max limit (10k)

When you try to submit it would error.

doesn't go up by $1 every $1000 either.

2500 is $1.50 and 2501 is $3

The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakong.

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

Re: The National Bank of Cambodia yesterday announced that is testing a mobile payment application system known as Bakon

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