Launched in October 2020 by the National Bank of Cambodia (NBC), Bakong is a real-time blockchain-based payment platform that has become the backbone of Cambodia's digital financial ecosystem. In 2025, it processed over 1.3 billion transactions worth hundreds of billions of dollars.
Bakong is a digital payment platform developed by the National Bank of Cambodia (NBC) in partnership with Japanese fintech firm Soramitsu, built on the Hyperledger Iroha blockchain framework. It functions as a tokenised deposit platform — not a central bank digital currency (CBDC) — meaning all digital balances are backed by funds held in traditional bank accounts.
The system connects commercial banks, microfinance institutions, and payment service providers into a single interoperable network. Users can transfer funds, make QR payments, and access financial services through a single mobile application, regardless of which bank or financial institution they use.
According to the NBC's 2025 Annual Report, Bakong processed 1,325.65 million transactions in 2025 — a 1.2-fold increase compared to 2024. Of these, 771.2 million transactions were conducted in Khmer riel and 554.5 million in US dollars. The value of USD transactions reached $152.8 billion, a 49.3% increase from 2024.
Transactions settle in under 5 seconds, with capacity exceeding 2,000 transactions per second.
Available on iOS and Android. Sign up requires only a local phone number and national ID or passport.
Supports both Cambodian Riel (KHR) and US Dollar (USD) transactions, reflecting Cambodia's dual-currency economy.
Linked to QR payment networks in Thailand, Malaysia, Vietnam, South Korea, Japan, and Alipay+.
Bakong operates as a shared ledger between participating financial institutions. When a user initiates a payment, the transaction is recorded on the Hyperledger Iroha blockchain, which provides an immutable audit trail while enabling near-instant settlement between institutions.
The system supports peer-to-peer transfers, merchant QR payments via the KHQR standard, and interbank transfers. Users link their existing bank accounts to the Bakong app and can transact across any of the 63 member institutions without needing separate apps for each bank.
Zero transaction fees for retail users have been a key driver of adoption. The NBC has positioned Bakong as a public infrastructure layer, with commercial banks and payment providers building services on top of it.
NBC begins development of a national digital payment infrastructure in partnership with Soramitsu (Japan)
Bakong officially launches as a blockchain-based retail payment platform
KHQR national QR code standard launched, built on top of Bakong
Cross-border QR payment linkages established with Thailand and Malaysia
Bakong Tourists App launched (November); linkages extended to South Korea, Japan, and Alipay+
1.325 billion transactions processed; Bakong rises to 22% of total digital payment share
One of Bakong's most significant developments has been its expansion into cross-border QR payments. By 2024, KHQR — the QR code standard built on Bakong — had been linked to payment systems in Thailand, Malaysia, Vietnam, South Korea, Japan, and Alipay+.
This means that tourists and businesses from these countries can pay Cambodian merchants directly using their home country's payment apps (such as PromptPay, DuitNow, Kakao Pay, or Alipay), with automatic settlement in Khmer riel. The NBC launched the Bakong Tourists App in November 2024 to further facilitate this, allowing international visitors to load funds via Mastercard or Visa and pay at any KHQR-accepting merchant.
In 2025, NBC Governor Chea Serey confirmed ongoing work to link Bakong with China's Weixin Pay (WeChat Pay), which would significantly expand cross-border payment volumes given the large number of Chinese tourists and investors in Cambodia.
Despite impressive transaction volumes, the AMRO 2025 Financial Stability Report noted that only approximately 2% of issued Bakong wallets are actively used — indicating that account creation has outpaced genuine adoption. The report identified cash-dominant wage payments, particularly in the garment sector, as the primary barrier to broader digital financial participation.
The Khmer Times has reported on NBC's ongoing financial literacy campaigns aimed at increasing active usage, particularly among rural populations and older demographics who remain more comfortable with cash.