National Bank of Cambodia's Bakong to Enable Cross-Border Transactions on Alipay+ Using QR Codes

The National Bank of Cambodia (NBC) has signed a memorandum of understanding (MoU) with Alipay to allow users of its digital currency, bakong, to access the Alipay merchant network and conduct cross-border transactions using QR codes. Bakong is not a central bank digital currency (CBDC), but operates on a blockchain and is a liability of the commercial banks that use it. The MoU will enable Cambodians to use their bakong wallets to shop with 83 million merchants worldwide on the Alipay network, while Chinese tourists with Alipay accounts can use the QR codes of the bakong KHQR system to shop in Cambodia. The bakong payment system was launched in 2020 and has already been used for 35.4 million transactions worth $12 billion in the first half of 2023.