Cambodia's Bakong hits an estimated 60% adoption rate as the National Bank of Cambodia expands its collaboration with global financial institutions, striking cross-border deals with Alipay and Southeast Asia.
Cambodia’s blockchain-based CBDC has partnered with Alipay for cross-border transactions, enhancing trade ties with China and enabling global access for Cambodian residents.
The feature allows merchants to accept mobile payments from any payment service provider using a QR code supported by the National Bank of Cambodia's blockchain-based peer-to-peer payments system.
Cambodia is only the second country anywhere in the world to have launched a central bank digital currency, with its Bakong currency going live in October 2020.
Bakong is in testing since July and is expected to be up and running by the end of the quarter, according to a central bank official.
