Cambodia’s Bakong System Achieves Record-Breaking Growth in 2025 Digital Transition
Cambodia’s financial landscape has reached a new digital pinnacle, with the Bakong Payment Service recording explosive growth in both Khmer Riel (KHR) and U.S. Dollar (USD) transactions throughout 2025. This surge, detailed in the National Bank of Cambodia’s (NBC) 2025 Annual Report, underscores the Kingdom’s rapid evolution toward a sophisticated, cashless economy.
Unprecedented Transaction Volume in 2025
The Bakong system, a blockchain-based platform initiated by the NBC, has officially become the backbone of Cambodia’s digital finance ecosystem. According to the latest data:
- Khmer Riel Transactions: Processed 771.2 million transactions—a 1.6-fold increase from 2024—with a total value reaching KHR 285.9 trillion (approx. $70 billion), a nearly 60% year-on-year increase.
- U.S. Dollar Transactions: Surged by 79.7% in volume to 554.5 million transactions, totaling $152.8 billion.
- Total Ecosystem Growth: By the end of 2025, the system registered 18.9 million e-wallet accounts, facilitating over 1.3 billion total transactions across both currencies.
NBC Governor H.E. Dr. Chea Serey reaffirmed that the central bank remains committed to further enhancing this infrastructure. “We will continue to improve Cambodia’s payment infrastructure to enable real-time, secure, and efficient transactions for both businesses and consumers,” she stated during the NBC’s annual meeting on January 23, 2026.
Strengthening the Investment Climate
For foreign investors and international business leaders, the maturity of the Bakong system provides a massive competitive advantage. The platform’s success offers:
- Operational Efficiency: Real-time settlement (under five seconds) for peer-to-peer and merchant payments reduces the cost of doing business.
- Financial Inclusion: With nearly double the country’s population in registered wallets, businesses can reach a vast, digitally active consumer base even in rural areas.
- Regional Interoperability: In 2025, Cambodia expanded cross-border QR payment links with Singapore, China, and Malaysia, joining existing links with Thailand, Vietnam, and Laos. This allows investors and tourists to handle funds seamlessly across the region.
A Vision for 2026 and Beyond
The Royal Government’s Pentagon Strategy – Phase I identifies digital economic development as a top priority. As Cambodia approaches its goal of becoming an upper middle-income country by 2030, the Bakong system acts as a “digital bridge,” attracting Foreign Direct Investment (FDI) by demonstrating a stable, modern, and transparent financial regulatory framework.
The 2025 results prove that Bakong is no longer just a pilot project but a globally recognized leader in central bank digital initiatives, reinforcing economic growth in Cambodia and building deep public trust in the nation’s banking resilience.
FAQ: Cambodia’s Bakong & Digital Payments
The Bakong Tourist App allows visitors to make digital payments via KHQR without a local bank account. Users can register with a passport, top up via partner kiosks or ATMs, and spend up to $3,000 per day after verification.
No. While it uses blockchain technology (Hyperledger Iroha), it is a central bank-backed digital payment system that uses existing fiat currencies (KHR and USD).
For most retail and person-to-person transactions, the Bakong system is free of charge, which has been a primary driver of its rapid adoption by small businesses and street vendors.