Blockchain Payments Bring Greater Financial Control: Bank Of Cambodia

Blockchain is making its way into banks and providing futuristic solutions for the banking sector. Assistant Governor at the National Bank of Cambodia Serey Chea made a statement that blockchain payments are the way towards bringing greater financial control and maintaining remittance efficiency. She stated this in an interview with CNBC published on Oct. 22.

Chea mentioned that the National Bank of Cambodia has experimented with domestic blockchain payments for retail. Now they think it’s time to go big and test them for cross-border transactions. There were further mentions that they have teamed up with Malaysian bank Maybank.

Further details on this collaboration are not out. According to the latest reports, Maybank has signed a memorandum of understanding with the National Bank of Cambodia that focused on blockchain cross-border payments and remittances.

A large number of Cambodian domestic workers have settled in Malaysia. The fee imposed on the money transfer they send home is usually at least 10%. The goal that the project tries to achieve is first to lower the prices. It also will focus on ensuring that the remittances are carried out in real-time.

She also emphasized on the fact that the system would ensure that those workers will be able to send the money directly to Cambodian utility companies, schools, etc. Thus enables greater control over cash and cuts off the dependency on the beneficiary of the transfer to spend the money as advised.