Bakong Users Can Now Cash Out at Wing Outlets Nationwide for Low Fees

Cambodia's central bank digital currency Bakong partners with Wing to allow users to conveniently cash out funds at low fees, boosting financial inclusion and Riel usage.

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Ayesha Mumtaz
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Bakong Users Can Now Cash Out at Wing Outlets Nationwide for Low Fees

Bakong Users Can Now Cash Out at Wing Outlets Nationwide for Low Fees

In a significant development for Cambodia's central bank digital currency (CBDC), Bakong, users can now conveniently cash out their funds at Wing outlets across the country for low fees. Launched in 2020 by the National Bank of Cambodia, Bakong has partnered with Wing, a leading mobile banking and payments platform, to expand access to the digital currency.

The integration between Bakong and Wing allows Bakong users to withdraw their funds at any of Wing's extensive network of outlets nationwide. This move aims to promote the adoption and usage of Bakong, providing Cambodians with an affordable and accessible option for cash withdrawals. By leveraging Wing's established infrastructure, Bakong users can now easily convert their digital currency into physical cash.

The National Bank of Cambodia has been actively working to increase the usage of the local currency, the Riel, and expand financial inclusion in the country. The partnership between Bakong and Wing aligns with these goals, making it more convenient for Cambodians to access and utilize the CBDC. With low transaction fees, this integration removes barriers to entry and encourages more people to participate in the digital economy.

Why this matters:The integration of Bakong with Wing's nationwide network of outlets marks a crucial advancement in promoting the adoption of Cambodia's central bank digital currency. By providing an accessible and affordable way for users to cash out their digital funds, this partnership has the potential to drive financial inclusion and encourage the use of the local currency, the Riel, in the country.

As of April 2024, the partnership between Bakong and Wing is expected to further accelerate the adoption of the CBDC in Cambodia. With the convenience of cashing out at Wing outlets and the low transaction fees, more Cambodians are likely to embrace digital payments using Bakong. This development showcases the National Bank of Cambodia's commitment to leveraging technology to enhance financial services and promote economic growth in the country.

Key Takeaways

  • Bakong, Cambodia's CBDC, now allows cash withdrawals at Wing outlets nationwide.
  • Partnership between Bakong and Wing aims to promote CBDC adoption and financial inclusion.
  • Low transaction fees make Bakong an affordable option for cash withdrawals.
  • Bakong-Wing integration expected to accelerate CBDC adoption in Cambodia by April 2024.
  • National Bank of Cambodia leverages technology to enhance financial services and economic growth.