The National Bank of Cambodia (NBC) has signed a memorandum of understanding (MoU) with Alipay to provide users of its digital currency, bakong, with access to the Alipay merchant network. This partnership will enable cross-border transactions using QR codes on Alipay+. The bakong service, operated by the NBC on a blockchain, allows users to have both United States dollar and Cambodian riel accounts. With this collaboration, Cambodians will be able to use their bakong wallets to shop with 83 million merchants worldwide on the Alipay network. Additionally, Chinese tourists with Alipay accounts can now make purchases in Cambodia using the QR codes of the bakong KHQR system. The simplicity of making payments through this system is expected to boost revenue for merchants and stimulate economic activity. In the first half of 2023, there were 35.4 million transactions worth $12 billion using the bakong. The bakong payment system was launched in 2020 and was designed for remittances and purchases. It has already been adopted in Malaysia, Thailand, and Vietnam. The NBC has also signed an MoU with China’s UnionPay International for cross-border payments using QR codes.

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Information	Details
Geography	Asia
Countries	🇰🇭 🇸🇬 🇺🇸 🇨🇳 🇯🇵 🇲🇾 🇹🇭
Sentiment	positive
Relevance Score	1
People	Chea Serey
Companies	Alipay, Phnom Penh Post, UnionPay International, Soramitsu, National Bank of Cambodia
Currencies	United, cambodian riel
Securities	None