FAST payment system transfers top 10B riel

[geovalin]

Hor Kimsay

 

Six months since the central bank launched its FAST payment system, a new scheme to provide instant riel-denominated fund transfers between financial institutions and their clients, the bank recorded a total fund transfer of 10 billion riel ($2.5 million) as of end-2016.

 

The National Bank of Cambodia (NBC) officially launched the Fast and Secure Transfer (FAST) payment system in July after a three-month trial phase that allowed financial intuitions to implement the necessary software.

 

The system, which aims to increase riel use and circulation, allows customers to transfer funds across banks and deposit-taking MFIs. The funds can be used in various ways such as to pay bills, send remittances, cover online payments or pay taxes.

 

 

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