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Finance

Cambodia taps Japanese blockchain tech for payment system

Central bank eyes easily accessible means of remittance for people

Electronic funds transfer systems are not widely available in Cambodia.

TOKYO -- The National Bank of Cambodia will develop a blockchain-based payment system with help from a Japanese financial technology startup to offer people a secure, low-cost way of sending and receiving money.

The central bank, which doubles as the Southeast Asian country's financial regulator, has decided to work with Tokyo-based Soramitsu after examining multiple alternatives. This is thought to be the first time a foreign central bank has adopted blockchain technology developed by a Japanese company. Soramitsu's Iroha distributed ledger technology is affiliated with the Linux Foundation's Hyperledger project aiming to advance blockchain technologies for use across industries.

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