� Gain insights into key regulations governing the Cambodian cards and payments industry.
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Key Highlights:
The National Bank of Cambodia( NBC) launched the Fast and Secure Transfer( FAST) Payment system in July 2016. FAST Payment offers a quick, secure and efficient method of interbank transactions in local currency for commercial banks and micro deposit-taking institutions( MDIs). FAST Payment offers its services to 13 commercial banks and MDIs. Banks that have adopted this system include Acleda Bank, Cambodian Public Bank, Canadia, Advanced Bank of Asia( ABA), BIDC, Phillip and Sathapana. The NBC is developing a Shared Switch System, an integrated platform to facilitate electronic payments such as transactions at ATMs, POS terminals and online and mobile payments.
Leading international schemes, including MasterCard and UnionPay International, are making their presence felt in the countrys debit card market, which was previously dominated by Visa. MasterCard is collaborating with several banks to strengthen its foothold in Cambodia; in July 2016, for instance, MasterCard established partnerships with 13 banks in Cambodia, including six foreign-owned banks and Acleda Bank, the leading debit card issuer. UnionPay International collaborated with ABA to offer the ABA UnionPay Debit Card in Cambodia, following their card issuance cooperation agreement in 2014.
The emergence of mobile banking applications is likely to accelerate a shift towards alternative payments in Cambodia. In May 2016, Maybank launched a mobile banking app for customers in Cambodia, allowing