Logo of Phnom Penh Post newspaper Phnom Penh Post - FAST payment system transfers top 10B riel

FAST payment system transfers top 10B riel

FAST payment system transfers top 10B riel

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.

While the NBC expects all banks and deposit-taking MFIs to join the FAST system, its annual report issued yesterday showed only 13 of the Kingdom’s 44 eligible financial institutions have adopted it.

“The FAST payment which was put in place in mid-2016 has received a noticeable support from participating financial institutions,” the report said. “[We] hope that there will be more growth in 2017 after the public and financial institutions better understand the benefits of the new system.”

According to the report, customers at seven banks – Acleda Bank, Cambodia Public Bank, Canadia Bank, ABA, BIDC, Phillip Bank, and Sathapana Bank – can use the FAST system. Six deposit-taking microfinance institutions (MDIs) have implemented the system, including AMK, VisionFund, Prasac, Amret, Kredit and Hattha Kaksekar.

In Channy, president and CEO of Acleda Bank, said the FAST payment system helps to reduce time and fees on transactions between banks and MDIs. He added that the successful use of the system will allow Cambodia to gradually shift from a cash-based economy to electronic payments as more financial institutions adopt online banking.

“I believe that more financial institutions will participate in the system this year and the amount of transfers will become larger,” he said.

MOST VIEWED

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Hun Sen: Stay where you are, or else

    Prime Minister Hun Sen warned that the two-week lockdown of Phnom Penh and adjacent Kandal provincial town Takmao could be extended if people are not cooperative by staying home. “Now let me make this clear: stay in your home, village, and district and remain where

  • Businesses in capital told to get travel permit amid lockdown through One Window Service

    The Phnom Penh Municipal Administration has issued guidelines on how to get travel permission for priority groups during the lockdown of Phnom Penh, directing private institutions to apply through the municipality's One Window Service and limit their staff to a mere two per cent. In

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Ministry names types of business permitted amid lockdown

    The Ministry of Labour and Vocational Training singled out 11 types of business that are permitted to operate during the lockdown of Phnom Penh and Takmao town, which run through April 28. Those include (1) food-processing enterprises and slaughterhouses; (2) providers of public services such as firefighting, utility and