Bakong State payment system of Cambodia

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Bakong is the private blockchain integrating commercial banks and their users. In a system for November, 2020 there are 2 currencies - Cambodian riel and U.S. dollar.

2020: Start of a payment system

National bank of the Kingdom of Cambodia announced official start state payment system of Bakong constructed on a basis blockchain- technology Hyperledger Iroha. Acted as the partner in creation of a system Japanese-the Russian the company "Soramitsu" - the resident Innopolis special economic zone. The SEZ reported about it on November 5, 2020.

Project objective of Bakong is digitalization of economy and simplification of access for the population of Cambodia to financial services, only 22% of residents of the country are more senior than 15 years have access to banking services. At the same time security of the population with smartphones high. Using a system Bakong cashless payment became more available, and to execute money transfers now much more simply.

For the user the interface of Bakong is a mobile application in which he can see the history of the transactions, receive and transfer money by the phone number or the QR code, to display funds for the traditional bank account. For commercial banks it is the system of instant interbank transfers and monitoring of transactions of the clients, and for the central bank - a system which will allow to expedite transfers and to book audit of financial flows.

At accession to the system of banks from other countries, there is a possibility of creation of other currencies - the Hyperledger Iroha technology allows to make it quickly and safely. Such opportunity is already investigated by National Bank of Cambodia with Maybank (Malaysia).

The Bakong system underwent security audit from Deloitte, KPMG, Nettitude and proved to be as the reliable payment system capable to cope with needs of the population and financial institutions of the Kingdom of Cambodia, - the CEO of Soramitsu Labs company Kamil Salakhiyev says. – We expect that start of a system of Bakong will promote increase in trust of Cambodians to a local banking system.

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