From ABA Bank and Prasac Microfinance to PiPay and TrueMoney, financial services throughout Cambodia are connected by Bakong, a digital payment platform that has transformed the country.
Unlike individual banking apps, Bakong allows users to effortlessly make payments and transfer funds across banks. It has consolidated various services into a single platform, making transactions more seamless and cost-effective.
For customers of participating banks and financial institutions, transactions are generally free, reducing financial barriers that previously discouraged digital payments. As all activities are recorded on a secure digital ledger, Bakong also enhances transparency and makes financial crimes harder to commit.
The platform supports dozens of financial providers in Cambodia, including major players such as ABA Bank, Canadia Bank, ACLEDA Bank, Vattanac Bank, and Vattanac Microfinance. These partnerships allow users to more easily make payments through QR codes, transfer money, and settle bills, all via their mobile phones and without relying on physical cash or cards.
The development of Bakong was driven by the desire to cultivate a cashless economy and drive financial inclusion. For those in rural areas who may not have access to various banking services, Bakong has made it possible for them to participate in the digital economy.
Bakong was created with international travelers in mind too. Tourists visiting Cambodia for a short trip can use the platform to make digital payments without needing to open a local bank account or deal with the hassle of exchanging currency. All they need is a smartphone, and they can pay for services like transportation, their accommodation, and even dining simply by scanning a QR code.
Rapid growth
Bakong has shown impressive growth and adoption since its launch in 2020. According to the National Bank’s latest annual report, the number of registered Bakong users grew by 7% in 2024, bringing its user base to over 642,000, with the total number of transactions processed through the platform surging to over 608 million.
It has notably supported the government’s push to increase Khmer riel activity too. The National Bank’s report highlighted a significant 334% year-on-year increase in riel transactions, reaching nearly 300 million transfers. In terms of value, they amounted to 183.74 trillion riel (approximately $45.8 billion). This figure represents about 330% of Cambodia’s GDP, demonstrating the platform’s substantial role in the national economy.
US dollar payments through Bakong, meanwhile, also saw impressive gains, with the volume rising to over 308 million, an increase of 133% from the previous year. These transactions amounted to $104.81 billion, reflecting a 95% year-on-year increase, with the platform becoming increasingly popular for both domestic and cross-border payments.