Case Study: the National Bank of Cambodia boosts financial inclusion with Hyperledger Iroha from Soramitsu

The National Bank of Cambodia boosts financial inclusion with Hyperledger Iroha

The National Bank of Cambodia sought to modernize its legacy retail payments, increase financial inclusion for its largely unbanked population, and promote the use of its national currency. To address these challenges, the central bank partnered with vendor LF Decentralized Trust and co-developed the solution with Soramitsu, utilizing the Hyperledger Iroha blockchain platform.

The solution implemented by LF Decentralized Trust and Soramitsu was the Bakong system, a blockchain-based retail payments platform and quasi-central bank digital currency. This resulted in a modernized payment infrastructure where interbank transfers were reduced from hours to under 5 seconds, throughput reached 2,000 transactions per second, and over 10,000 users were supported in a pilot with 16 banks. The successful implementation by the vendor significantly lowered costs, improved financial inclusion, and created a scalable foundation for Cambodia's digital economy.

Soramitsu

Makoto Takemiya

Chief Executive Officer