Cambodia's Bakong Digital Currency Teams Up with Alipay for Expanded Reach

Crypto News
Crypto News

21 Nov 2023 6:00 PM

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.

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You May Ask

What is the purpose of the memorandum of understanding (MoU) between Bakong and Alipay?How can Cambodian vendors benefit from the collaboration with Alipay?What payment methods can Chinese visitors use in Cambodia?Is the Bakong system a central bank digital currency (CBDC)?In which countries is the Bakong system already in use?

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