Bakong system sees surge in transactions

Bakong system sees surge in transactions

The National Bank of Cambodia reported a significant surge in transitions in the Bakong system in both KHR (Khmer Riel) transactions and US transactions.

In the 2024 Annual Report and 2025 Work Plan of the National Bank of Cambodia (NBC) released last week, numbers of registered Bakong users rose by 7 percent to 642.5 million as of 2024 with 608.32 million transactions.

KHR transactions rose by 334 percent to 299.32 transactions, while US transactions rose to 308.2 million transactions, up 133 percent, read the report, citing that KHR transactions shared 49 percent of total transitions.

The KHR transaction amounts totalled KHR183.74 trillion (approximately $45.8 billion), a year-on-year increase of 127 percent and US transactions amounted to $104.81 billion, up 95 percent, read the report.

“The use of Riel in the Bakong system has steadily increased after the Bakong system had been launched,” NBC stated in the report.

The NBC officially launched Bakong, a payment system in October 2020, saying it enables banks and other financial institutions to work together, with an emphasis on safety, efficiency, cost-saving and, more importantly, financial inclusion.

The Bakong system has provided benefits to the payment system by giving a choice to customers over payments and transactions via mobile phone from one financial institution to another in the country.

NBC Governor Chea Serey said that digital payment services have significantly contributed to enhancing financial inclusion, promoting innovation, and providing convenience and safety to users.

“The development of payment infrastructure has facilitated trade and economic activities both domestically and regionally, and has contributed to the promotion of financial inclusion,” she said.

Cambodia had steadily expanded payment system connectivity with countries in the region and international payment systems, offering a wider range of payment possibilities for Cambodians and international travellers, she said.

The Bakong Tourism App was launched to contribute to the promotion of tourism sector.

khmertimeskh