National bank of Cambodia, Maybank launch cross-border funds transfer service

Maybank customers in Malaysia can transfer funds to Cambodia via the MAE app. — AFP pic
Maybank customers in Malaysia can transfer funds to Cambodia via the MAE app. — AFP pic

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KUALA LUMPUR,  Aug 11 —The National Bank of Cambodia (NBC) and Maybank Group have jointly launched the Maybank-Bakong Cross Border Funds Transfer—a real-time funds transfer service between Malaysia and Cambodia through the NBC’s Bakong e-wallet and Maybank’s MAE app.

In a joint statement today, they said the service allows Maybank customers in Malaysia to transfer funds directly to their friends, family or business partners in Cambodia via the MAE app, merely by using the mobile phone numbers of recipients registered with Bakong e-wallet.

Under the first phase, customers will be able to transfer funds from Malaysia to Cambodia, while transfers from Cambodia to Malaysia will be rolled out at a later date.

“Besides convenience, the service is also affordable as it only charges a minimal service fee.

“Maybank customers are able to transfer funds up to US$2,500 (or equivalent to RM10,000) daily via their mobile devices,” they said.

NBC Governor, Chea Chanto said the Bakong cross-border payment and remittance between Cambodia and Malaysia would enable both countries to reach another level of financial cooperation in further leveraging technology to benefit the people in both countries, especially the migrant workers who need to remit funds to support their family in a secure and cost-efficient manner.

Meanwhile, Maybank group president and chief executive officer Datuk Abdul Farid Alias said that Maybank is honoured to be the first bank in the world to partner the NBC for its Bakong international payment and remittance system.

“Maybank is pleased to be part of this meaningful initiative to deliver a practical digital financial solution to provide our customers—particularly Cambodians residing in Malaysia—with greater financial empowerment.

“Leveraging our Asean connectivity and digital capability, we have transformed the inter-country funds transfer experience between Malaysia and Cambodia, making it the most convenient yet cost-effective in the market,” he said.

Abdul Farid added that Maybank is looking forward to the continued collaboration with the NBC to further expand the service to enable funds transfer from Cambodia to Malaysia, as well as explore other new possibilities in serving customers more efficiently.

In conjunction with the launch, Maybank will waive the service fees for all transfers via the Maybank-Bakong Cross Border Funds Transfer service from now until Dec 31, 2021.

Customers who wish to access the feature can do so via the “Transfer” function on the MAE mobile app. — Bernama

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