{"id":87142,"date":"2023-11-21T13:16:46","date_gmt":"2023-11-21T18:16:46","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/cambodias-bakong-digital-currency-teams-up-with-alipay-for-expanded-reach\/"},"modified":"2023-11-21T13:16:48","modified_gmt":"2023-11-21T18:16:48","slug":"cambodias-bakong-digital-currency-teams-up-with-alipay-for-expanded-reach","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87142","title":{"rendered":"Cambodia&#8217;s Bakong Digital Currency Teams Up with Alipay for Expanded Reach"},"content":{"rendered":"<div>\n<figure id=\"attachment_134438\" aria-describedby=\"caption-attachment-134438\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-134438\" class=\"wp-caption-text\">Source: Adobe \/ anekoho<\/figcaption><\/figure>\n<p>In a move to enhance cross-border payments, Cambodia\u2019s Bakong digital currency system, a component of the National Bank of Cambodia (NBC), has entered into a memorandum of understanding (MoU) with Chinese payment provider Alipay, Cambodia\u2019s Phnom Penh Post recently reported.<\/p>\n<p>Following the signing of the MoU, Cambodian vendors utilizing QR codes from the so-called KHQR network of the Bakong system can make payments to over 80 million Alipay merchants globally, contributing to the expansion of cross-border payments between Cambodia and China.<\/p>\n<p>At the same time, Chinese visitors to Cambodia who use Alipay can shop in the country by scanning QR codes from the Bakong system at participating merchants.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Local vendors can now use the KHQR network of the Bakong system, a part of the National Bank of Cambodia (NBC), to make payments to over 80 million Alipay merchants globally.https:\/\/t.co\/hLagrXU08X<\/p>\n<p>\u2014 The Phnom Penh Post (@phnompenhpost) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/phnompenhpost\/status\/1725492732653920499?ref_src=twsrc%5Etfw\">November 17, 2023<\/a><\/p>\n<\/blockquote>\n<p>The MoU, signed at the FinTech Expo in Singapore, aims to promote efficient and secure cross-border payment transactions via QR codes between the KHQR network and Alipay+.<\/p>\n<p>The Bakong system is built on a blockchain, but is not a traditional central bank digital currency (CBDC) given that the circulating tokens are a liability of commercial banks and not the central bank.<\/p>\n<h2>Cambodia becoming more popular among Chinese tourists<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Chea Serey, governor of the NBC, emphasized the significance of the collaboration, especially as Cambodia becomes increasingly popular among Chinese and international tourists.<\/p>\n<p>The partnership facilitates payments in both the local currency, riel (KHR), and the US dollar (USD).<\/p>\n<p>Douglas Feagin, senior vice president of Ant Group and head of Alipay+, expressed gratitude for the partnership, noting that it enhances the capability of Alipay partners to make payments across the KHQR network.<\/p>\n<p>\u201cWe are grateful to the NBC for their partnership and support, which enables the acceptance of Alipay+ payment partners across the KHQR network. We believe this will offer added convenience to tourists, who prefer to \u2018pay like a local\u2019, using their familiar payment methods wherever possible,\u201d he said.<\/p>\n<p>Similarly, Khim Sambo Rothana, head of public relations and the Corporate Social Responsibility (CSR) department at ABA Bank, welcomed the MoU as a positive step toward promoting the use of the Cambodian fiat currency.<\/p>\n<p>In the first six months of 2023, Bakong recorded over 35.4 million transactions, amounting to more than $12 billion.<\/p>\n<p>The amount constitutes approximately 67% of Cambodia\u2019s gross domestic product (GDP).<\/p>\n<p>In addition to Cambodia, Bakong is already in use in Vietnam, Thailand and Malaysia.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/cambodias-bakong-digital-currency-teams-up-with-alipay-for-expanded-reach.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe \/ anekoho In a move to enhance cross-border payments, Cambodia\u2019s Bakong digital currency system, a component of the National Bank of Cambodia (NBC), has entered into a memorandum of understanding (MoU) with Chinese payment provider Alipay, Cambodia\u2019s Phnom Penh Post recently reported. Following the signing of the MoU, Cambodian vendors utilizing QR codes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-87142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cambodia&#039;s Bakong Digital Currency Teams Up with Alipay for Expanded Reach | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Adobe \/ anekoho In a move to enhance cross-border payments, Cambodia\u2019s Bakong digital currency system, a component of the National Bank of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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