A blockchain-based digital payment and central bank digital currency platform that enables unbanked populations to participate in the formal financial system.
Ministry of Economy, Trade and Industry (Japan); Cabinet Secretariat and Ministry of Finance (Japan); Japan International Cooperation Agency (JICA); Asian Development Bank (ADB); International Monetary Fund (IMF); World Bank
Many developing and emerging economies face persistent financial exclusion, high remittance costs, and inefficient payment infrastructure. Large segments of the population remain unbanked, particularly in rural areas, where access to formal financial services is limited and savings are often held as cash outside the financial system. Cross-border remittances are often slow and costly, disproportionately burdening migrant workers, small businesses and low-income households while limiting regional economic integration. These barriers constrain economic participation, limit investment opportunities and slow inclusive growth.
Bakong is Cambodia’s block-chain based digital payment system and runs on a central bank digital currency (CBDC) platform designed by Japanese fintech company, Soramitsu. The blockchain-based payment infrastructure is designed for use by central banks to modernize national financial systems. The solution enables secure digital currency issuance, real-time payments and low-cost cross-border transactions while integrating with existing financial institutions.
By offering accessible digital wallets and interoperable payment systems, the platform enables unbanked populations to participate in the formal financial system. Compared to traditional payment networks, the solution significantly reduces transaction times and costs while improving transparency, efficiency and financial inclusion.
Bakong expands financial access in Cambodia by enabling digital payments for individuals without traditional bank accounts. Mobile-based digital wallets allow users in rural and underserved communities to send, receive and store money securely without requiring conventional banking infrastructure. The platform also improves inclusion for cross-border workers and small businesses by reducing remittance costs and processing times. By digitizing previously informal cash economies, the system supports broader participation in financial services and strengthens economic resilience in developing countries.
Bakong has achieved large-scale adoption and measurable financial system impact in Cambodia. By 2024, the platform reached 30 million accounts, with annual settlement volumes exceeding US$150 billion, equivalent to 3.3 times Cambodia’s gross domestic product (GDP). Cross-border remittances between six participating countries have been reduced from two days to approximately 10 seconds, while transaction costs decreased to one-thirtieth of traditional systems. The system also enables cashless payments for inbound travelers, improving convenience, security, and economic activity.
Soramitsu plans to expand its CBDC and digital payment solutions across Asia, Pacific Island countries, Africa, and the Middle East. Future development includes additional financial instruments such as stablecoins and digital savings bond systems to support government financing and inclusive investment.
