What is Bakong in Cambodia?

Bakong is Cambodia's national digital currency and instant payment system operated by the National Bank of Cambodia (NBC). It is a blockchain-based CBDC (Central Bank Digital Currency) that enables real-time settlement of both Khmer Riel and US Dollar transactions through the KHQR QR code standard.

How does Bakong differ from mobile money services like Wing or ABA Pay?

Unlike commercial mobile wallets, Bakong is a central bank-operated settlement rail. Wing, ABA Pay, and other mobile wallets connect TO Bakong as participant institutions. Bakong provides the underlying interbank settlement infrastructure, while commercial apps provide the consumer interface.

Can foreign businesses integrate with Bakong?

Yes. Foreign enterprises operating in Cambodia can integrate with Bakong through participant banks. CamFinTech navigates the approval to integrate with Bakong and coordinates the technical build with accredited Service Providers — we never operate the rail or hold client funds.

Glossary

What is Bakong?

Bakong is Cambodia's central bank digital currency (CBDC) and real-time gross settlement system operated by the National Bank of Cambodia (NBC). Launched in 2020, Bakong enables instant peer-to-peer and merchant payments in both Khmer Riel (KHR) and US Dollars via the KHQR standardized QR code protocol.

Updated June 20263 min read

How Bakong Works

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 Integration

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.

Cross-Border Capabilities

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.

Bakong Cross-Border Payment Corridors
Partner Country	System	Status	Use Case
Thailand	PromptPay	Operational	Remittance, Tourism
Malaysia	DuitNow	Operational	Remittance, Trade
China	Alipay	Operational	Tourism, E-commerce
Vietnam	NAPAS	In Development	Trade, Remittance
Laos	LAPNet	MoU Signed	Border Trade

Enterprise Approval-Navigation with CamFinTech

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.

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Fee-only. We build the client-side integration ourselves, or bring in an accredited Service Provider as a disclosed sub-contract. We never hold client funds and never operate a rail.