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Cambodia launches fast payment system

national bank of combodiaA fast payment system has been launched in Cambodia. The deputy governor of the National Bank of Cambodia (NBC), Neav Chanthana, launched the system in which 13 commercial banks and microfinance deposit-taking institutions (MDIs) are participating. The system enables customers to make payments and also receive funds immediately. Chanthana said the system is a new initiative in modernizing the electronic funds transfer service in the country. She said it enables customers of the participating banks and MDIs to transfer funds in Khmer riel from one bank to another in Cambodia almost instantly. It also enables customers to withdraw funds immediately in response to their liquidity needs and enhances the efficiency of payment services through formal channels, she added. The system is available 24 hours a day and seven days a week.

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