Malayan Banking Bhd (Maybank) has signed a memorandum of understanding (MoU) with the Nationwide Financial institution of Cambodia (NBC) on cross-border funds and remittances.
On Oct. 16, Malaysian enterprise information outlet The Edge Markets reported that the most important financial institution in Malaysia, Maybank, will work along with the Nationwide Financial institution of Cambodia to advertise cross-border funds and remittances.
With the MoU, Maybank Malaysia, Maybank Cambodia and NBC will discover the potential of transferring funds between Cambodia and Malaysia via NBC’s blockchain-based Bakong cost system and Maybank’s Maybank2u digital platform.
Chea Serey, the assistant governor and director-general of central banking at NBC mentioned that the Bakong system will improve the present cost system at each home and regional ranges, including:
“The MoU will allow each establishments to succeed in one other stage of monetary cooperation in additional leveraging the know-how to profit the individuals in Cambodia and Malaysia.”
Greater than 66% of all cellular banking transactions in Malaysia have been carried out via the Maybank App in 2018, whereas greater than 52% of all web banking transactions went via Maybank’s digital platform, The Edge Markets states.
NBC started testing its Bakong cellular app earlier in July. On the time, NBC mentioned that the peer-to-peer funds app would assist the nation’s unbanked populace and enhance monetary inclusion.
The usage of blockchain tech for remittances is rising
In July, Philippines-based UnionBank completed a blockchain-based remittances pilot for funds between the Philippines and Singapore. The pilot was the results of a partnership between UnionBank and Singapore-based OCBC Financial institution, whereby the financial institution used blockchain-based tokenized fiat to remit from OCBC to an account holder at a rural Cantilan Financial institution.
In April, the United States-based Western Union Firm partnered with Philippines-based e-wallet supplier Cash.ph to allow Filipinos to conduct cross-border cash transfers.