Bakong transaction volume surpasses Cambodia's GDP by 300%

Economy and Industry

Bakong transaction volume surpasses Cambodia's GDP by 300% The Bakong blockchain-based payment system, launched by the National Bank of Cambodia, has achieved a transaction volume equivalent to 330% of the country's GDP in 2024. This innovative platform, often compared to a central bank digital currency, has revolutionized Cambodia's financial ecosystem. With over 30 million wallets and 4.5 million merchants onboard, Bakong has facilitated seamless transactions, reduced costs, and promoted the use of the local currency, Riel. The system has also expanded cross-border payment capabilities, encouraging greater financial inclusion and economic integration. The National Bank of Cambodia continues to introduce initiatives to boost adoption, including mobile payment systems for tourists and partnerships with international payment platforms. (Source: Khmer Times)

WTO commends Cambodia's economic progress and growth Cambodia has been recognized by the World Trade Organization (WTO) for its remarkable economic achievements and adherence to multilateral trade principles. During its third Trade Policy Review, Cambodia showcased its progress in trade, investment, and economic policies since joining the WTO in 2004. The country has emerged as one of the fastest-growing economies in ASEAN, with a projected growth rate of 6% in the coming years. WTO members praised Cambodia's resilience during the COVID-19 pandemic and its efforts to diversify trade, enhance the business environment, and implement legal reforms. The Kingdom's commitment to transparency and rule-based trade has positioned it on the path to graduating from Least Developed Country (LDC) status by 2029. (Source: Khmer Times)

Cambodia and US strengthen investment cooperation amid trade challenges Cambodia and the United States have reaffirmed their commitment to enhancing economic collaboration during the second Cambodia-US Public-Private Sector Dialogue. This event, co-chaired by Cambodia's Deputy Prime Minister Sun Chanthol and Bridgette L. Walker, Charge d'Affaires of the US Embassy, highlighted the growing investment ties between the two nations. Despite Cambodia's significant trade surplus with the US, concerns over potential tariffs and non-tariff barriers on American goods were raised. The dialogue emphasized Cambodia's record-breaking investment growth in 2024, with 414 approved projects reflecting the effectiveness of its Investment Law and government policies. Representatives from the US private sector expressed optimism about the Cambodian government's responsiveness to their concerns, particularly regarding regulations and market access. (Source: Khmer Times)

Corporate News

Move and BookMeBus unite to create Cambodia's first travel super app Move, a premium ride-hailing service, has partnered with BookMeBus to launch Cambodia's first integrated travel super app. Both parties have signed a Memorandum of Understanding (MOU) to form a partnership that enables customers to conveniently book bus and boat tickets of various kinds directly through the Move app. This collaboration combines ride-hailing with bus and ferry ticket booking, offering a seamless travel experience for locals, expats, and tourists. The app covers key destinations across Cambodia and neighboring countries, providing transparent pricing, flexible payment options, and 24/7 multilingual support. By integrating multiple transportation modes, Move aims to redefine convenience and accessibility in Cambodia's travel industry, catering to a diverse range of users. (Source: Cambodian Investment Review)

Stock Market

CSX sees 0.73% decline with ABC and JSL leading losses The CSX index fell by 0.73%, closing at 410.6 points. On the Main Board, GTI (+0.31%) posted modest gains, while ABC (-2.19%), PAS (-0.84%), PEPC (-0.76%), PPSP (-0.45%), PWSA (-0.31%), and PPAP (-0.31%) recorded declines. MJQE and CGSM closed unchanged. On the Growth Board, both DBDE and JSL declined by 0.48% and 4.46%, respectively. The session recorded a total trading volume of 124,952 shares, generating a turnover of KHR 830 million. (Source: YSC Research)

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