Case Studies > Bakong
The National Bank of Cambodia (NBC) is tasked with formulating, implementing, and monitoring monetary and exchange rate policies. NBC regulates and supervises financial institutions in the country. It also oversees payment systems to ensure the stability of the financial sector. Moreover, it contributes to high and sustainable growth by enhancing interbank payments.
Over the past decade, Cambodia's payment landscape has experienced significant growth due to economic expansion, political stability, technological advancement, and a need for faster services. Despite these developments, paper-based instruments such as cash and cheques continue to be widely used in retail and business payments. These traditional methods carry risks like counterfeit currency or fraudulent cheques.
Thus the National Bank of Cambodia (NBC) is prioritizing promoting electronic payment systems to reduce risk levels while making payments more convenient. Project Bakong is a wallet-based electronic currency powered by DLT, allowing for real-time secure peer-to-peer transactions without fees.
It has an open API connecting all payment service providers and a public mobile application that eliminates the need for individual banks to develop their own. Project Bakong aims to promote financial inclusion and decentralize financial transactions so users can conduct them independently.
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