What are the benefit of Bakong System?

• To Individual- it is convenient, fast, and security. Bakong System is the new life style of payment mechanism that enable you to easily receive and transfer funds to your friend, family and business partner at anytime, anywhere in Cambodia.

• To Business- easily manage your sale through electronic payment platform. Bakong System allows businesses to experience the new way of doing business in the cashless environment. This is the way we pay in the next generation.

How is information registered with Bakong System secure?

Bakong System provides a high level of security and is under the supervision of the National Bank of Cambodia, in line with other funds transfer systems.

· Bakong System Registration – You will need to provide proof of identity by providing your National ID card, account name and the mobile phone number you’ve already provided to the bank (you will be sent an OTP via SMS for verification). The National ID card and mobile phone number are only used for connecting.

· Funds Transfer via Bakong System – You can transfer funds using your personalized QR code or phone number instead of your bank account information.

· Security – Bakong is adopted the latest technology, Blockchain technology, known as the highly secure. Your information is stored in at the different node preventing the possibility of hacking.

How do I register for Bakong System?

You can download Bakong System application from Appstore or Playstore and follow the simple instruction of registration or visit one of Bakong System member banks/financial institutions of your preference or nearby you.

What are the conditions for Bakong System registration?

The conditions for Bakong System registration are as follows:

· One account can be registered with both a National ID and mobile phone number.

· Only one mobile phone number can be registered per account.

· Only individual accounts (savings/current accounts) in Khmer Riel and US Dollar can be used to register for Bakong System.

· Joint and Fixed Deposit accounts cannot be registered for Bakong System.

· If registering for Bakong System with your mobile phone number, you will receive an OTP via SMS for verification.

· National ID or mobile phone numbers can only be registered with another account, if the previous registration has already been cancelled.

What channel can I use to register for Bakong System?

Bakong is applicable for Mobile Phone and Table (Android and IOS), and Desktop application.

Visit Bakong official website: https://bakong.nbc.org.kh/

The modernization of the digital technology of the real estate transfer process in Cambodia will bring a new transformation to the real estate sector, making real estate business operations safer, more transparent and faster to encourage real estate investment in the country, Cambodia.

Owners can now register their property in two ways that the government recognizes.

Since 2001, property owners have been able to obtain a land title deed called a “hard title deed” through the Cadastral Office of the Ministry of Land Management. Hardcover is nationally recognized and is the safest form of ownership.

The second less secure method is by obtaining a “soft title” which is the property of the real estate recognized at the local level but can be challenged by other parties. Although this plan is less secure, it is still a form of widespread occupation in Cambodia.

Soft title ownership does not have full legal protection but is often used because it is easy to transfer property when the owner sells his property with minimal administrative procedures required.

Through the creation of an online platform, real estate can be transferred in a secure and formal process and without the need for agents and brokers, which adds unnecessary costs, risks and time to the whole process. These brokers are unlicensed and not recognized by government ministries and provide little or no documentation for their services. Real estate transfers through agents can now take up to three months to be processed by the Ministry of Land Management.

By establishing an online ownership transfer platform, the Royal Government of Cambodia will bring the necessary clarity to the administrative process that is important to all Cambodians and real estate investment, while property buyers will be able to budget and plan. This is according to a EuroCham report released this week.

The digital upgrade will also allow the government to effectively collect fees and taxes from the real estate sector.

“Electronic collection of fees and taxes will greatly facilitate the work and there will be no violations as it may eliminate the provision of services by any agency to facilitate the entire process,” the report added.
The Ministry of Land Management has taken significant steps to integrate online technology into the real estate sector. The ministry has launched a number of programs to update land ownership online using QR codes and has also launched a mobile app on approved construction projects and provided government image files to ensure transparency at the administrative level.

The digital modernization of the ownership transfer process will transform the real estate sector and increase investor confidence and be faster.

According to a EuroCham report, “Digital Updates will allow stakeholders to access all necessary information over the Internet and send and track their patent applications with the Cadastral Office, which can act as It is the only channel for real estate transfer. ”