H.E. Mr. Kru Veasna, Secretary General of NBC, has been substantially involved in Cambodia’s advancements in digital finance. As one of the first-batch JDS alumni, his international perspective has been a valuable asset to NBC and Cambodia’s financial innovation.

NBC successfully launched “Bakong,” Cambodia’s next-generation Real-Time Gross Settlement (RTGS) system, in 2020 after long and careful research since 2016.

Developed in collaboration with Japanese start-up Soramitsu, Bakong utilizes iOS and Android mobile apps to promote financial inclusion, allowing users to access an all-in-one mobile payment and banking app. The name “Bakong” was inspired by the historic Khmer temple.

The idea for the Bakong initiative began in 2016, with NBC forming a working group led by him to explore blockchain and Distributed Ledger Technology (DLT) for payment systems. The study evolved into the “Bakong Project” in early 2017. Soramitsu was formally selected as the developer in April 2017, with the first prototype completed later that year. The system was further refined in 2018, enabling domestic financial institutions to interconnect with the platform.

This groundwork laid the foundation for improved technological adaptation and fostered international collaboration. After years of research and partnership, NBC developed Bakong to support Cambodia’s financial goals, enhancing transaction efficiency, security, and access to financial services, all of which have contributed to a positive impact on the economy. The launch of Bakong highlights Cambodia’s commitment to digital innovation in its financial infrastructure, fostering greater inclusivity and contributing to economic development in this digital era.

The successful partnership with Soramitsu was rooted in the trust he developed through his studies and life in Japan. Reflecting on this, he remarked “While we were exploring potential global partners for Bakong, I felt a strong sense of trust toward Japan, shaped by my own study abroad experience. Immersing myself in Japanese culture laid the foundation for long-term cooperation with Japan and Soramitsu.”