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From Zero to Template
Launched by the National Bank of Cambodia in 2019, Bakong runs the national payment network behind a single QR code, connecting banks and digital wallets. It has now processed more than three times national GDP, and has been tested by real volume for five years. It takes its name from the Bakong temple, built in the 9th century, whose architectural lineage also inspired Cambodia's Independence Monument.
Why Cambodia, Why Now
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A young country
The share of Cambodians of working age keeps rising until around 2043 (World Bank). Demand for savings, credit, insurance and payments will grow for decades.
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An economy holding firm through simultaneous shocks
Growth of 4.8% in 2025, with the World Bank projecting 3.9% in 2026 and 4.9% in 2027.
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Investors are coming
FDI reached US$5.1 billion in 2025, about 10% of GDP and up 15% in a year.
Building on Firm Ground
Emerging markets have long imported their financial infrastructure on someone else's terms. Cambodia built its own: a national payment system, regional connectivity and wider access to finance, all under firm supervision.
The Riel is getting stronger too. Its share of deposits has doubled to 11.8%, and its share of credit has risen from 1.5% a decade ago to 12.6%. Since December 2024, tokenized securities and backed stablecoins have also been open to banks and licensed providers with NBC approval.