Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC), announced impressive growth in the Bakong payment system during the first half of 2023. The system processed a staggering 75.5 million transactions in Khmer Riel, totaling 64.9 trillion Riel. Additionally, it handled 99.8 million transactions in US dollars, amounting to a value of US$38.8 billion.
Dr. Serey attributed this growth to the introduction of new features in the Bakong system, which has driven user adoption and financial inclusion in Cambodia. Launched in October 2020, Bakong facilitates secure and efficient interbank transactions between financial institutions, promoting financial inclusion as a core objective. The system empowers users to make mobile payments and transfers seamlessly across different institutions within the country. Additionally, Bakong has integrated with regional partners, enabling cross-border money transfers.