Transfer money funds from Maybank MAE wallet to Cambodia Bakong wallet π°ππΈ αាαα -sign up MAE code ocj0125
Maybank in collaboration with National Bank of Cambodia (NBC) launched a cross border wallet transfer service. Maybank has long been one of the established Malaysia foreign banks besides Public Bank in Cambodia.
Bakong is equivalent to Malaysia's DuitNow universal payment system, user id are tied to their phone number. Transfers to Bakong ewallet are via phone numbers of the recipient. Cambodia phone numbers start with country code +855 while Malaysia phone numbers start with country code +6. Bakong's system's building block is a bit different from DuitNow as it's built on a blockchain (Soramitsu). Bakong registration are all done via Bakong app and it has its own eKYC system. Registration is fully online and only government id and a mobile phone number is required.
Maybank's ewallet is MAE (Maybank Anywhere Everywhere).
All transactions are transacted in Malaysian Ringgit and US Dollar. The maximum limit is USD2,500 (~RM10,000).
For those not familiar with Cambodia, while Cambodia has got their own currency, the Riel, it is mostly used as side change than the main currency, US dollars are used instead. All transactions in Cambodia use US dollars and the Riel is used as what we Malaysians use as coins.
For phase 1 , Maybank MAE app (ewallet) can transfer funds to Cambodia's Bakong (national ewallet). Phase 2 both ewallets can transact together both ways. Transfers from Maybank MAE is done via the fund transfer option, there is an "OVERSEAS" tab, from there key in the Cambodian party's phone number to perform fund transfer/remittance.
Such seamless cross border payments opens up many business possibilities (between 2 countries, Cambodia and Malaysia) in the near future. Goods and services can be paid to Malaysian or Cambodian freelancers, contractors or business associates easily.
Not sure if this is the crystal ball to the future but I'm predicting Malaysians can pay Cambodian farmers direct for Mondulkiri Coffee and Kampot pepper in the near future with such seamless cross border payments. There's also possibility Malaysian employers can hire services (programmers/graphic designer) from Cambodia and pay salary from Malaysia.
In Malaysia, the last such news was the collaboration between BNM (Bank Negara Malaysia) Paynet's DuitNow and Thailand's Bank of Thailand (BOT) to do Cross Border QR payment.
Updates 20210827
I tested transfer to money from my Maybank MAE to Cambodia's Bakong. I found that besides keying in the phone number (registered to Bakong) of my Cambodia counterpart, I also had to enter the national id of my Cambodia counterpart. I found this a little bit cumbersome as I need to ask for my friend in Cambodia's national id to do transfer, nonetheless it's still very convenient.
Updates 2021011
Some people reported from MAE cannot add Bakong users into favorites list in MAE (Maybank Anywhere Everywhere). This is something Maybank team need to look into.
Also on and off there's some hiccups in transferring funds from MAE to Bakong. Not sure if it's at Bakong side or Maybank MAE side.
πLinks
https://www.youtube.com/watch?v=1nqoViq9V8c
Not yet signed up with Maybank MAE (Maybank Anywhere Everywhere) ?, MAE account can be opened without Maybank savings account and best of all is totally done online. Sign up here with my referral code ππ½ ocj0125 . Each of us get RM10 once you sign up.
