The collaboration sees the Maybank-Bakong Cross Border Funds Transfer come to apps and e-wallets in Malaysia and Cambodia.
The National Bank of Cambodia (NBC) in conjunction with Malayan Banking Berhad, aka Maybank, announced a joint project to transfer funds in real-time between the neighboring countries. The aptly named ‘Maybank-Bakong Cross Border Funds Transfer,’ allows for users of the NBC’s Bakong e-wallet and Maybank’s MAE app to transfer funds internationally.
The initial phase of the feature will allow customers to transfer funds one way, from Malaysia to Cambodia. Maybank says that the ability to transfer from Cambodia back to Malaysia is a feature that will be unveiled at a later date.
The Malaysian universal bank adds in a post on social media that, “The ultra-convenient service allows Maybank customers in Malaysia to transfer funds directly to their friends, family or business partners in Cambodia via the MAE app, using just the mobile phone numbers of the recipients registered with Bakong e-wallet.” Maybank is offering to waive service fees from all transfers made between August, 13 2021, and December 31, 2021.
Maybank wants to help migrant workers in Malaysia
During the announcement, CEO of Maybank, Datuk Abdul Farid Alias said that:” I am very proud to say that this project marks a significant milestone for us with our digital banking capabilities and strong presence in ASEAN, we are introducing a seamless secure, and low-cost digital solution for our customers to remit money in the region. Especially those who are underserved in Malaysia and Cambodia.”
Alias adds that, “This is in line with our mission of humanizing financial services by making banking super easy, secure, and more importantly, ensuring financial inclusion. This may make Maybank-Bakon cross-border funds transfer is one of our initiatives aligned to our M25 plan. It enables our customers in Malaysia to perform cross-border transfers to any banking wallet in Cambodia by the main app using the national bank of Cambodia’s blockchain-based mark-on-payment system.”
One of the targets for this service is Cambodian migrant workers in Malaysia who need a way to seamlessly send money back and forth to family members. Customers now can transfer funds up to $2,500 daily from mobile devices with a small service fee attached.
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