The National Bank of Cambodia boosts financial inclusion with Hyperledger Iroha
Customer Company Size
Large Corporate
Region
- Asia
Country
- Cambodia
Product
- Hyperledger Iroha
- Bakong
Tech Stack
- Blockchain
- Distributed Ledger Technology
- Mobile Apps
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Digital Expertise
Technology Category
- Application Infrastructure & Middleware - Blockchain
- Functional Applications - Remote Monitoring & Control Systems
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Asset Health Management (AHM)
- Machine to Machine Payments
Services
- Software Design & Engineering Services
- System Integration
About The Customer
The National Bank of Cambodia (NBC) is the central bank of Cambodia. It is the monetary and supervisory authority of the country, with the mission to determine and direct monetary policy aimed at maintaining price stability to facilitate economic development within the framework of the kingdom's economic and financial policy. As the monetary authority, the NBC is the sole issuer of the Khmer riel, the national currency. As the supervisory authority, the NBC has the authority to license, delicense, regulate, and supervise banks and financial institutions in Cambodia.
The Challenge
In Cambodia, 78% of the population does not have a bank account, yet over half own a smartphone. Despite the stability of the native currency, the Khmer riel, most transactions are conducted in American dollars. The National Bank of Cambodia (NBC) wanted to modernize the country's retail payments system, promote the use of the national currency, and reach the unbanked population. The existing banking systems used by various banks and third parties often had compatibility issues, leading to inefficiencies. The NBC was interested in exploring whether a blockchain-based system could handle transactions faster and at a lower cost, thereby promoting wider use of the riel.
The Solution
The NBC partnered with blockchain developer experts, Soramitsu, to create a fiat-backed digital currency using the Hyperledger Iroha blockchain framework. The project, named Bakong, allows individuals to transfer money and make purchases with a simple smartphone app. Merchants gain a fast, cashless, and secure payments system, and banks can perform interbank transfers at a much lower cost. The system was designed to be secure, with multiple security reviews conducted by third-party cybersecurity testing firms. The Bakong system was tested in a soft launch in 2019, with more than 10,000 users participating.
Operational Impact
Quantitative Benefit
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