Cambodia and Woori Bank Discussed Digital Remittances
The National Bank of Cambodia and Woori Bank Korea met to explore integrating digital systems for cross-border payments.
Updated on Oct. 4, 2026 in Financial Services
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The National Bank of Cambodia and Woori Bank Korea recently held discussions aimed at connecting Korea's digital finance infrastructure with Cambodia's Bakong-governed payment app. This initiative seeks to simplify cross-border transfers for Cambodian migrant workers.
Why it matters
Linking national digital payment systems can significantly lower transaction costs and improve service convenience for migrant workers sending money home. This integration efforts aligns with broader regional goals to modernize financial infrastructure.
Woori Bank (Cambodia) Plc currently manages $1.3 billion in assets across 140 branches. The bank has operated as a full commercial institution in the country since 2022.
The players
National Bank of Cambodia
This is the central bank of Cambodia that manages the country's monetary policy and oversees the Bakong digital payment system.
Woori Bank Korea
This is a major South Korean financial institution that maintains an extensive international network of banking and payment services.
Woori Bank (Cambodia) Plc
This is the Cambodian subsidiary of the South Korean financial group that has provided full commercial banking services since 2022.
The details
The National Bank of Cambodia plans to leverage its Bakong digital payment system to facilitate mobile banking connections with South Korea. These efforts follow a memorandum of understanding signed by the parties in May 2024 to formalize cooperation on cross-border financial services.
Timeline
May 2024: The parties signed a memorandum of understanding for cross-border payments.
2022: Woori Bank (Cambodia) Plc began operating as a commercial bank.
October 15, 2025: Woori Bank Korea partnered with a mobile wallet.
October 2, 2026: The National Bank of Cambodia met with Woori Bank Korea.
November 15-16, 2026: The Black Swan Summit is scheduled in Phnom Penh.
Market Landscape
This move reflects a growing trend of central banks digitizing payment rails to compete with traditional remittance corridors. It follows a pattern established by the Bakong digital payment system by extending its functionality to international partners to secure regional market share.
Migrant workers and their families may soon experience faster and more affordable remittance services through digital mobile applications. The integration of these banking systems aims to reduce the friction and fees currently associated with traditional international money transfers.
The takeaway
Regional financial systems are increasingly focusing on digital integration to better serve the needs of migrant worker populations. By digitizing the remittance pipeline, banks can improve liquidity and accessibility for users across international borders.
What happens next
The Black Swan Summit will take place in Phnom Penh from November 15-16, 2026, providing a venue for further discussions regarding regional digital finance developments.
Further reading
Learn more about the latest innovations in Financial Services.
Source note: This article includes information reported by Khmer Times.
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