KUALA LUMPUR (Aug 11): Malayan Banking Bhd (Maybank) and Cambodia’s central bank — the National Bank of Cambodia (NBC) — have launched a real-time funds transfer service between Malaysia and Cambodia.
Called the Maybank-Bakong Cross Border Funds Transfer, it involves NBC’s Bakong e-wallet and Maybank’s MAE app, said Maybank in a statement today.
In the first phase of the service, 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, said Maybank.
“The ultra-convenient service allows Maybank customers in Malaysia to transfer funds directly to their friends, family or business partners in Cambodia via the MAE app, using just the mobile phone numbers of the recipients registered with Bakong e-wallet,” it added.
Maybank customers are able to transfer funds up to US$2,500 (RM10,000) daily via their mobile devices, the bank said, adding that only a minimal service fee is charged.
NBC governor Chea Chanto said he is confident that the service would enable Malaysia and Cambodia to reach another level of financial cooperation in further leveraging technology to benefit the people in both countries, especially migrant workers who need to remit funds to support their families in a secure and cost-efficient manner.
NBC’s assistant governor and director-general of central banking Chea Serey noted that Cambodians working or residing in Malaysia are now able to transfer money to their Bakong e-wallets easily and at a low cost.
“This gives them greater financial empowerment as they are able to actively manage their own funds including paying bills for their families and transferring money to their loved ones.
“Beyond promoting the development of fintech and enhancing cross-border connectivity between Cambodia and Malaysia, enabling fast, low-cost international remittance to Cambodia is also a tool to accelerate financial inclusion for the underprivileged communities,” she said.
Meanwhile, Maybank group CEO and president Datuk Abd Farid Alias said the launch also marks a new milestone for Maybank’s digital journey as it is the first overseas funds transfer feature on its MAE app.
“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,” Abd Farid said.
He added that Maybank looks forward to the continued collaboration with 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.
Maybank Cambodia CEO Datuk Mohd Hanif Suadi said the new service will address long-standing issues of high transfer fees and lengthy transaction time.
“It will certainly help lessen the burden of Cambodians working in Malaysia and their families, as they are able to receive the funds instantly and hassle-free.
“This is very much in line with Maybank Cambodia’s focus to create a digital network to provide a seamless, secure and stress-free banking experience for our customers. We are also proud to support the move towards a cashless society in Cambodia and to accelerate financial inclusion, particularly among underserved communities,” he added.