From ABA Bank and Prasac Microfinance to PiPay and TrueMoney, financial services throughout Camodia are brought together by the financial highway of Bakong, a digital payment platform that has transformed the country.
Unlike individual banking apps, Bakong allows users to make payments across banks, enabling users to easily transfer funds and make payments between different institutions by acting as a bridge for digital payments across the Kingdom.
It has consolidated various banking services into a single platform, making transactions more seamless and cost-effective. For users of participating banks and financial institutions, transactions are generally free, reducing financial barriers that previously discouraged digital payments. Also, as all transactions are recorded on a secure digital ledger, Bakong enhances transparency and makes financial crimes harder to commit.
The platform supports over dozens of participating banks and financial institutions 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 also created with international tourists in mind. 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. According to the National Bank’s latest annual report, the number of registered Bakong users grew by 7% in 2024, bringing the total user base to over 642,000, with the number of total transactions processed through the platform surging to over 608 million.
The platform has also supported the government’s push to increase riel transactions. A key highlight of this growth has been the surge in Khmer Riel transactions, which saw a staggering 334% increase, reaching nearly 300 million transactions. In terms of value, Khmer Riel transactions amounted to 183.74 trillion Khmer Riel (approximately $45.8 billion), marking a substantial 127% year-on-year growth.
US dollar transactions through Bakong, meanwhile, also saw impressive gains, with the total transaction volume reaching over 308 million, a rise of 133% from the previous year. These transactions amounted to $104.81 billion, reflecting a 95% increase, as the platform becomes increasingly popular for both domestic and cross-border payments.
