KUALA LUMPUR: Maybank and the National Bank of Cambodia (NBC) have unveiled a new real-time service which provides customers with affordable and convenient mobile fund transfer between Malaysia and Cambodia via NBC’s Bakong e-wallet and Maybank’s MAE app.

       In a joint statement, the banks said customers would be able to transfer funds from Malaysia to Cambodia under the first phase, while transfers from Cambodia to Malaysia will be rolled out at a later date.

       “Besides convenience, the service is also affordable as it only charges a minimal service fee. Maybank customers are able to transfer up to US$2,500 or RM10,000 equivalent daily via their mobile devices,” it added.

       NBC governor Chea Chanto (pic below) said the new service would enable both countries to reach another level of financial cooperation to benefit the people in both countries to remit funds in a secure and cost-efficient manner.

       National Bank of Cambodia Chea Chanto

       Meanwhile, NBC assistant governor and director-general of central banking Chea Serey said Cambodia citizens working or residing in Malaysia would also benefit from the service, which is Bakong’s first inter-country payment service.

       “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 financial technology and enhancing cross-border connectivity between Cambodia and Malaysia, the enabling of fast, low-cost international remittance to Cambodia is also a tool to accelerate financial inclusion for the underprivileged communities,” she added.

       Maybank group president and chief executive officer (CEO) Datuk Abdul Farid Alias said the bank has transformed the inter-country funds transfer experience between Malaysia and Cambodia, making it the most convenient yet cost-effective in the market.

       “The launch also marks a new milestone for Maybank’s digital journey as it is the first overseas fund transfer feature on our MAE app,”he added.

       Moving forward, Abdul Farid noted that the group is looking to further expand the new service to enable funds transfer from Cambodia to Malaysia, as well as explore new possibilities in serving customers more efficiently.

       Maybank Cambodia CEO Datuk Mohd Hanif Suadi said the new service would help lessen the burden of Cambodians working in Malaysia as they are able to receive funds instantly.

       “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 the underserved communities,” he added.