Cambodia's Bakong Digital Currency Teams Up with Alipay for Expanded Reach
In a move to enhance cross-border payments, Cambodia's Bakong digital currency system has entered into an MoU with China's Alipay....
- Cambodia's Bakong digital currency system has entered into a memorandum of understanding (MoU) with Chinese payment provider Alipay to enhance cross-border payments.
- Cambodian vendors using QR codes from the Bakong system can make payments to over 80 million Alipay merchants globally.
- Chinese visitors to Cambodia can shop in the country by scanning QR codes from the Bakong system.
- The MoU aims to promote efficient and secure cross-border payment transactions via QR codes between the KHQR network and Alipay+.
- The Bakong system is built on a blockchain but is not a traditional central bank digital currency (CBDC).
The article highlights a positive development in cross-border payments between Cambodia and China through the collaboration between Bakong and Alipay. The partnership is seen as significant and beneficial for both tourists and businesses, offering added convenience and promoting the use of the Cambodian fiat currency.