Saturday, November 28, 2020

Now Cambodians can use smartphones instead of cash to fight Covid-19

Anyone with a phone number in the country will be able to use the system to make payments.

Other News

Pemuda DAP gesa parti pertimbang berpisah dengan PKR, bubarkan PH

Gesaan itu dibuat sekiranya Anwar Ibrahim tidak memohon maaf kepada parti sekutu dan rakyat Malaysia kerana tidak menyokong usul undi belah bahagi Belanjawan 2021.

North Korean hackers ‘targeting AstraZeneca researchers’ for Covid-19 vaccine secrets

Cyberattacks against vaccine scientists and drug makers have soared during the Covid-19 pandemic.

24 hours after sitting out budget vote, PH MPs still target of online scorn

Social media users say the opposition had called for the budget to be rejected but made no move to do so themselves.

Gagal tolak belanjawan, wakil rakyat PH dikecam pengguna media sosial

Kecaman itu dilakukan selepas Belanjawan 2021 diluluskan di peringkat dasar dengan mudah.

Belanjawan 2021 sudah tak boleh ditolak, PH gadai sokongan rakyat, kata Dr Mahathir

Bekas perdana menteri itu berkata, PH yang dipimpin Anwar Ibrahim sanggup berkompromi, menolak prinsip dan menggadaikan sokongan rakyat untuk kepentingan sendiri.

Cambodia has officially launched a digital payment system which will enable people without bank accounts to make digital payments and at the same time play a part in fighting Covid-19.

Many Cambodians have no bank account, but just about everyone has a smartphone and now the new e-money can be used through a mobile app. Anyone with a phone number in the country will be able to use the system to make payments and transfers in Cambodian riel or US dollars.

The virtual money is called “bakong” after a prominent ancient temple in the country, reports Reuters.

At Wednesday’s launch event in the capital Phnom Penh, Chea Serey, director-general of central banking at the National Bank of Cambodia, expressed hope that the e-money will play a role in preventing the spread of Covid-19.

“I hope the official launch of bakong system today will help to promote social welfare and also prevent the spread of that disease through facilitating e-payment from person to person seamlessly without involving cash,” she said.

Many emerging countries have begun issuing digital currencies ahead of the world’s major economies, in an attempt to expand access to financial services and boost confidence in their own currencies says the Nikkei Asian Review.

Smaller economies are rushing to issue digital currencies because of relatively low confidence in their existing currencies. For example, more than 80% of bank deposits in Cambodia are denominated in dollars, and cash dollars are available at ATMs and are used for most transactions.

If the bakong system encourages more people to use the riel instead, the country will be able to wield its monetary policy more effectively. This likely played into Cambodia’s decision to launch the bakong before neighboring China formally launches the digital yuan.

Subscribe to our newsletter

To be updated with all the latest news and analyses.

Related Articles

China ‘not behind disappearance’ of second US naval facility in Cambodia

Phnom Penh has repeatedly denied secret deals to let Beijing station forces at the base.

FBI opening Cambodian office ‘to track down American criminals’

The opening of the FBI office may be a step towards renewing a productive working relationship between the US and Cambodia.

China, Cambodia sign free trade deal to go into effect early 2021

Cambodia will also be one of the first countries to receive Covid-19 vaccines developed by China.

Storm dumps torrents on Vietnam, Cambodia, Laos and Thailand

Meteorologists are predicting more of the same as two tropical depressions are on the way.

Cambodia confirms it demolished US-built naval facility

The US is worried about China's growing military influence in Southeast Asia.