Cambodia Takes Bakong Global, Connecting ASEAN with Japan and Africa

PHNOM PENH, Cambodia, Nov. 15, 2026 /PRNewswire/ -- Cambodia is taking its national digital payment system, Bakong, onto the global stage, unveiling initiatives spanning international card payments, stablecoin and bond tokenisation pilots with Japan, and a remittance corridor with Rwanda.

The announcements were made at the inaugural Black Swan Summit Cambodia, co-hosted by the National Bank of Cambodia (NBC) and the Singapore-headquartered Global Finance & Technology Network (GFTN), in collaboration with three Cambodian ministries: the Ministry of Post and Telecommunications, the Ministry of Commerce, and the Ministry of Industry, Science, Technology and Innovation.

Held alongside the Sommet de la Francophonie, the two-day summit has attracted over 5,000 registered participants from 60 countries, including policymakers, central bankers, investors and technology leaders, to advance financial connectivity between ASEAN, Africa and other international markets.

From National Payment System to Global Network

Cambodia has built a digital payments infrastructure that has transformed domestic financial access. It is now extending that infrastructure internationally through three initiatives:

Bakong to the World: Bakong users will be able to create Visa or Mastercard virtual cards through the app, enabling contactless payments overseas.

Japan–Cambodia stablecoin remittances: NBC and SBI Group will explore stablecoin-based cross-border transfers, with funds received through Bakong wallets.

Government bond tokenisation: NBC and SBI Bank will pilot the tokenisation of Cambodian government bonds on the Canton Network, exploring new approaches to trading and settlement.

Bakong has also contributed to the growing use of Cambodia's national currency. The riel's share of transactions on the platform increased from 17% in 2020 to 58% in 2025.

A Model for Emerging Economies

Cambodia's financial transformation is rooted in an extraordinary history. Following the destruction of its banking system and the abolition of its currency between 1975 and 1979, the riel was reintroduced on 20 March 1980.

Rather than replicate conventional financial infrastructure, Cambodia has built a digital-first payments ecosystem. Today, Bakong connects approximately 38 million accounts in a country of 17 million people. In 2025, it processed 1.3 billion transactions worth US$241.84 billion, equivalent to approximately 4.5 times Cambodia's GDP.

For emerging economies seeking to expand financial inclusion, strengthen domestic currencies and connect to global markets, Cambodia offers an example of how public digital infrastructure can accelerate financial development.

Bridging ASEAN and the Francophone World

The summit also marks a step towards connecting Southeast Asia with Francophone economies, particularly in Africa.

Two initiatives signal this ambition:

Cambodia–Rwanda remittance corridor: The National Bank of Cambodia and the National Bank of Rwanda are working to connect Bakong with Rwanda's RSwitch payment infrastructure, initially facilitating remittances from Cambodia to Rwanda.

Francophone Africa payment connectivity: H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, underscored the shared vision of exploring cross-border payment connectivity with Francophone African payment systems, with potential initial use cases focusing on remittances and small-value trade.

These initiatives advance South–South cooperation, demonstrating how emerging economies can collaborate directly on interoperable financial infrastructure without relying exclusively on traditional international payment networks.

The summit continues on 16 November, with discussions on economic corridors, payment interoperability, financial resilience and regulatory cooperation.

Leadership Perspectives

H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, said: "Cambodia knows what it means to lose a financial system and rebuild trust in money. Bakong has expanded access and the use of the riel. Now we are connecting it to the world. Sovereignty and openness are not opposites. Inclusion must be measured not just by whether people can pay, but by whether they can withstand shocks."

Sopnendu Mohanty, Group CEO, Global Finance & Technology Network (GFTN), said: "Cambodia shows that emerging economies can build financial infrastructure around their own needs rather than inherit systems designed elsewhere. The next challenge is connecting these platforms internationally. From African payment links to Japanese fintech pilots, Black Swan Summit Cambodia demonstrates how emerging markets can open new channels for trade, investment and financial inclusion."

For more information: www.cambodia.blackswansummit.com

SOURCE Global Finance & Technology Network (GFTN)