Prince Bank Joins NBC’s Bakong Digital Platform

PHNOM PENH, 30 October 2019 – Prince Bank has officially become a partnering institution with Bakong System, a digital payment application created by the National Bank of Cambodia (NBC). 

Prince Bank is proud to be official member of Bakong app—it is an example of how leveraging technology can be used to create a seamless banking experience for customers.  This is especially promising as Cambodia is hoping to make it easier for un-banked populations to access and use financial services.  With Bakong, Prince Bank customers will find it convenient to perform inter-bank transfers in a quick and safe manner.  Non-Prince Bank customers can also visit any of our branches to perform cash-in and cash-out transactions. 

Prince Bank joins Bakong’s network of financial institutions as a way to help customers simplify their banking transactions.  With just a smart phone, merchants, financial institutions, and customers can all be connected on a single platform.  It is fast and easy to get started.  After downloading the app from either the Apple or Google Play store, register your account by selecting only one bank account to designate as your main account.  Provide the personal information required and create unique log-in options that are encrypted and secure.      

Integration

Bakong is an ‘All-in-One’ mobile app that integrates the following features:

· E-wallet

· Mobile payment

· Online banking

· Financial applications  

Bakong helps streamline transactions to send, pay, deposit, and receive funds.  These transactions are made from Bakong’s wallet-to-wallet or wallet to CASA (Current and Savings Accounts) accounts of participating banks within the network.  The increasing number of cooperating financial institutions indicates that the app is well-received by Cambodia’s banking sector.    

Facilitating Funds Transfers

Another area in which Bakong addresses inefficiencies is by way of inter-bank funds transfers.  According to His Excellency Chea Chanto, Governor of NBC, Bakong can facilitate interbank transfers on a local as well as regional level by helping to alleviate the concern of high remittance fees.

Continued Collaboration

Prince Bank looks forward to continued collaboration with NBC by being part of a solution that encourages Cambodians to easily access financial services.