Category: BLOCKCHAIN TECHNOLOGY

Malayan Banking Bhd i.e. MayBank is collaborating with the National Bank of Cambodia to work on cross-border payments system.MayBank has signed a Memorandum of Understanding (MoU) with the Central Bank of Cambodia to work on trans-border payments.Malayan Banking Bhd or MayBank is the largest bank in Malaysia. It has collaborated with the National Bank of Cambodia to facilitate cross-border transactions and payments.The MoU is formed to study the feasibility of transferring funds between Malaysia and Cambodia by the NBC and MayBank. This study will analyse the payments through Bakong, the blockchain-powered payment mechanism of NBC and Maybank2u, an electronic platform of MayBank.The Assistant Governor and Director General of NBC, Chea Serey states that the Bakong Platform will help improve the current payment system at both regional and national tiers. She said,“The MoU will enable both institutions to reach another level of financial cooperation in further leveraging the technology to benefit the people in Cambodia and Malaysia.”As per stats, in 2018, Malaysia’s over 66% mobile banking deals were carried out through the MayBank App. And over 52% of all web banking took place via its electronic platform. In July 2019, the NBC started testing its Bakong App. At that time, the Central Bank stated that the p2p payments app will assist users of the country’s unbanked population and will help increase the financial participation.Near the same time in July, the Union Bank based in Philippines also completed trial of the blockchain platform remittances for the transfer of funds between Singapore and Philippines. It was result of the collaboration between the OCBC Bank and Union Bank. OCBC Bank is headquartered in Singapore. The trial transferred tokenized fiat powered by blockchain from OCBC to an account holder of the rural Cantilan Bank.Before this, in April, the Western Union enterprise based in the US collaborated with the e-wallet provider of Philippines Cloins.ph to permit the Filipinos to carry cross-border money remittance.