7 May 2021
On 26 March 2021, the National Bank of Cambodia (“NBC”) issued a new circular aimed at clarifying procedures and information required for payment service institutions to identify customers and to set limits on the daily transaction amounts allowed for each type of customer. The underlying objective of this circular is to further secure digital payment transactions by payment service institutions licensed to operate in Cambodia.
This circular follows the adoption of the Prakas on Payment Service Providers in 2017 and the recent adoption and establishment of the Bakong Payment System by the NBC, which is a centralised platform that allows customers to make bank transfers across banks and payment institutions.
Based on this new circular, the size of daily transactions permitted depends on the platform, the personal information provided by the customer and the stage of the payment service institution’s review of the customer’s information.
Click here to read more.
For more information, please contact:
Khieu Mealy, Partner, SokSiphana&associates (a member of ZICO Law)
khieu.mealy@zicolaw.com
