The National Bank of Cambodia (NBC) has joined hands with the Malayan Banking Berhad (Maybank), announcing a new initiative to facilitate cross-border payments. This collaboration will allow users to transfer funds globally using the MAE app of Maybank and the e-wallet of NBC.
In the first phase of this collaboration, users can transfer funds from Malaysia to Cambodia. Once the testing phase is complete, the facility of transacting the money from Cambodia to Malaysia will also go live. The information was revealed by the Maybank social media page, with the official post announcing that users can utilize the MAE app to transfer money from Malaysia to Cambodia in a completely hassle-free manner. All that is required to complete the transaction is the recipient’s mobile phone number registered with the e-wallet of NBC. In fact, to encourage potential users to avail of the facility, Maybank is offering a complete service fee waiver on fund transfer between August 13 – December 31, 2021.
The top echelon of Maybank announced that this partnership would add capabilities to the digital ecosystem of the bank. This will, in turn, become very helpful in taking forward the revolution of digital banking and will help to empower the masses through digital technologies. This development will also help the bank expand its presence in the ASEAN region by offering cost-effective digital infrastructure to customers.
The bank aims to make its financial and banking services intuitive, easy, and secure and this particular partnership is a step in that direction. This initiative is aligned with the M25 plan of the company, and it is confident that this new blockchain-based method of making cross-border payments will prove really helpful for a variety of stakeholders across the value chain.
The most important target market for this particular service is the migrant workers of Cambodia who are working in Malaysia to earn their living. This facility will definitely help them to seamlessly transfer money to their loved ones in their home country. The upper limit for money transfer has been set at $2500, and only a small fee is attached as transaction cost for availing of the service.
