National Bank of Cambodia implements retail payments system using blockchain technology

Friday 21 August 2020 09:51 CET | News

National Bank of Cambodia (NBC), has partnered with Tokyo-based Soramitsu, a blockchain developer, to modernise the country’s legacy retail payments with the help of the Hyperledger Iroha blockchain framework.

The project, called Bakong, is a step that created a fiat-backed digital currency. Bakong is a retail payments system using blockchain technology. Individuals can now transfer money and buy from merchants with a mobile app.

The pilot project went live in July 2019 and ran with a network of 14 banks supporting more than 10.000 users, laying the groundwork for a large-scale rollout later in 2020. Hyperledger teamed up with Soramitsu on a detailed case study covering the planning and implementation of Bakong, including key goals, milestones, security considerations, and core technology requirements, as well as a preview of rollout plans and new features.

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Keywords: Cambodia, banks, retail, payments , blockchain, technology, National Bank of Cambodia, NBC, Tokyo, Soramitsu, Hyperledger Iroha, banking, digital, digital currency, merchants, mobile app, network
Categories: DeFi & Crypto & Web3
Countries: Cambodia
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DeFi & Crypto & Web3

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