Japanese fintech developer Soramitsu is building an interconnected payment network that binds Japan, India, China and Southeast Asia together through the use of Cambodia’s central bank digital currency (CBDC).
Bakong, the digital currency introduced by the National Bank of Cambodia in 2020, is a creation in which Soramitsu played a major role. Bakong now enables billions of dollars worth of transactions through QR codes across Cambodia, Malaysia, Thailand, and Vietnam.
A Cross-Border Digital Payments System in Asia
According to an Aug. 8 report, Soramitsu intends to create a similar cross-border payment system for various other regions of Asia, including India, China, Southeast Asia, and, hopefully, Japan.
Just this past June, a payment law change in Japan made it possible for banks to issue stablecoins, prompting several regional banks to consider introducing yen-denominated stablecoins, with a few aiming for a potential launch…
