What is Bakong?

Bakong operates as a hybrid CBDC system built on Hyperledger Iroha blockchain technology, developed in partnership with Japanese firm Soramitsu. The system functions as both a digital currency (e-wallet) and an interbank settlement network. When a consumer initiates a payment via any Bakong-connected bank app, the transaction settles in real-time on the Bakong ledger. This eliminates the multi-day clearing cycles typical of traditional banking. Both KHR and USD transactions are supported natively, reflecting Cambodia's dual-currency economy.

KHQR (Khmer QR) is the standardized QR code payment protocol that operates on top of Bakong. Introduced in July 2022, KHQR enables any merchant to accept payments from any Bakong-connected bank or wallet through a single QR code. For merchants and enterprises, this eliminates the need to support multiple payment app QR codes. A single KHQR code works across all participating institutions. CamFinTech helps businesses navigate the approval to accept KHQR and coordinates the technical build (point-of-sale integration, e-commerce gateway) with accredited Service Providers.

Bakong has established cross-border payment corridors with several countries through bilateral agreements. Notable connections include linkages with Thailand's PromptPay, Malaysia's DuitNow, and China's Alipay. These corridors enable real-time cross-border remittance and merchant payments, reducing transfer costs and settlement times from days to seconds. For enterprises operating across ASEAN, Bakong's cross-border capabilities present significant opportunities for payment optimization.

CamFinTech navigates the approval for businesses to integrate with Bakong, and runs the compliance programme that keeps them approved. This includes regulatory readiness assessment, NBC liaison, KHQR merchant-onboarding sequencing, and the compliance architecture that ERP, payment-gateway, and reconciliation builds must satisfy. The technical build itself — API connectivity to the Bakong Open API, payment-gateway development, reconciliation pipelines — is coordinated with accredited Service Providers. CamFinTech is fee-only and never operates the rail or holds client funds.