Cambodia has built one of Southeast Asia's most advanced national payment infrastructures. The Bakong system and KHQR standard are at the heart of the country's digital payments revolution — and understanding them is essential for anyone doing business or banking in Cambodia.
What is Bakong?
Bakong is Cambodia's national blockchain-based payment system, developed and operated by the National Bank of Cambodia (NBC). Launched in October 2020, it is built on Hyperledger Iroha blockchain technology.
Bakong serves as the interoperable settlement backbone connecting all banks, microfinance institutions, and payment service providers in Cambodia. Think of it as the "rails" that all digital payments run on.
Bakong by the Numbers (2025)
- 1.325 billion transactions processed in 2025 (1.2x increase from 2024)
- 771.2 million transactions in Khmer Riel
- 554.5 million transactions in US Dollars
- $152.8 billion in USD transaction value
- 63 member institutions (7 more integrating)
- 18.9 million e-wallet accounts in Cambodia
What is KHQR?
KHQR (Cambodian QR Code) is the national QR code standard for payments in Cambodia. It is managed by the NBC and ensures that all licensed payment apps can read and generate the same QR codes.
This means a customer using Wing Bank can pay a merchant whose KHQR was issued by ABA Bank — and vice versa. This interoperability is what makes KHQR powerful.
Cross-Border KHQR (2025–2026)
One of Bakong's most significant achievements is cross-border QR payment interoperability:
| Country | Status (as of May 2026) |
|---|---|
| Singapore | ✅ Phase 2 live (March 2026) |
| Thailand | ✅ Live |
| Vietnam | ✅ Live |
| Japan | ✅ Live (NBC–PJA MoU) |
| South Korea | ✅ Live (2025) |
| China (Weixin Pay) | 🔄 MoU signed (TenPay Global, 2025) |
| Alipay+ | ✅ Integrated |
| UnionPay | ✅ Phase 2 live |
The Bakong Tourists App
Launched in November 2024, the Bakong Tourists App allows international visitors to pay via KHQR without a Cambodian bank account. Tourists simply link their Mastercard, Visa, or Alipay+ card to pay at any KHQR merchant.
Why This Matters
Cambodia's Bakong system has been recognized internationally as a pioneering CBDC initiative. It demonstrates how a developing country can build world-class payment infrastructure from scratch, leapfrogging legacy systems.
The NBC's Financial Sector Development Strategy 2025–2030 (launched December 2025) sets out the next phase of development, including deeper financial inclusion, open banking, and expanded cross-border connectivity.
Last updated: May 30, 2026. Source: NBC Annual Report 2025, cambodianess.com, fintechnews.sg.