Malayan Banking Bhd (Maybank) has signed a memo of understanding (MoU) with the National Bank of Cambodia (NBC) on cross-border medium of exchange imagination and remittances.

On Oct. 16, Malaysian enterprise information outlet The Edge Markets reportable that the most important commercial enterprise institution in Malaysia, Maybank, will work on with the National Bank of Cambodia to advertise cross-border medium of exchange imagination and remittances.

With the MoU, Maybank Malaysia, Maybank Cambodia and NBC will discover the potential for transferring medium of exchange imagination between Cambodia and Malaysia by way of NBC’s blockchain-based Bakong cost system and Maybank’s Maybank2u digital platform.

Chea Serey, the assistant governor and director-general of central banking at NBC expressed that the Bakong system will improve the present cost system at each home and regional ranges, including:

“The MoU will enable both institutions to reach other level of commercial enterprise cooperation in further leverage the technology to benefit the people in Cambodia and Malaysia.”

More than 66% of all cell banking proceedings in Malaysia have been carried out by way of the Maybank App in 2019, whereas greater than 52% of all web banking proceedings went by way of Maybank’s digital platform, The Edge Markets states.

NBC started examination its Bakong cell app earlier in July. At the time, NBC expressed that the peer-to-peer medium of exchange imagination app would assist the nation’s unbanked public and enhance medium of exchange inclusion.

The use of blockchain tech for remittances is rising

In July, Philippines-based UnionBank completed a blockchain-based remittances pilot for medium of exchange imagination between the Philippines and Singapore. The pilot was the results of a partnership between UnionBank and Singapore-based OCBC Bank, whereby the commercial enterprise institution used blockchain-based tokenized fiat to remit from OCBC to an account bearer at a rural Cantilan Bank.

In April, the United States-based Western Union Company partnered with Philippines-based e-wallet provider Coins.ph to allow Filipinos to conduct cross-border cash transfers.