**News Flash: Cambodia's Bakong App Expands Payment Options for Tourists**
The National Bank of Cambodia (NBC) has unveiled the Bakong Tourists app, enhancing payment options for visitors through its blockchain-based Bakong system. This app integrates with the Chinese UnionPay system and operates in Thailand, Vietnam, Laos, and Cambodia.
Key Points:
- Cambodia has only 55,000 PoS systems and 5,600 ATMs for its 16.8 million population.
- Bakong app supports QR code payments at 3.3 million locations.
- Users can send/receive money, deposit funds, track transactions, and convert currencies.
- Daily spending limit is $500, extendable to $3,000 post-KYC verification.
- App available on Google and Apple stores; funds added via banks, hotels, or travel agents.
NBC aims to link Bakong with international payment cards and plans agreements with Malaysia and South Korea soon. Launched in 2020 with Japanese blockchain Soramitsu, Bakong is also a model for regional payment systems and CBDCs in Laos, Solomon Islands, and Fiji.