Reference
Glossary
Short definitions of the terms you will meet in Cambodian and Southeast Asian finance. Each one is written to be understood without reading anything else.
- Bakong
- Cambodia’s national payment system, run by the National Bank of Cambodia since 2020. It moves riel and US dollar payments instantly between member banks and wallets. Read more
- Central bank
- The public institution that issues a country’s currency, sets monetary policy and supervises banks. In Cambodia this is the National Bank of Cambodia.
- CET1Common Equity Tier 1
- A bank’s highest-quality capital, mainly shares and retained earnings. Regulators often express limits as a percentage of CET1.
- Cross-border QR payment
- A payment where someone scans a QR code in another country using their home banking or wallet app. The two national QR systems must be linked for this to work. Read more
- De-dollarization
- Policies that encourage people to use the local currency instead of the US dollar. In Cambodia this means promoting the riel.
- Dynamic QR code
- A QR code created for a single payment, usually with the amount already filled in. Common at checkouts and online.
- E-wallet
- An app that stores money for payments and transfers. In Cambodia, e-wallet providers are licensed by the National Bank of Cambodia.
- KHQR
- Cambodia’s national QR code standard. One KHQR code can be paid by customers of any connected bank or wallet. Read more
- KYCKnow Your Customer
- The identity checks a bank or payment provider must carry out before opening an account.
- MDIMicrofinance deposit-taking institution
- A microfinance institution licensed to accept deposits from the public, in addition to lending.
- MFIMicrofinance institution
- A lender that provides small loans, often to people without access to commercial banks.
- National Bank of CambodiaNBC
- Cambodia’s central bank. It licenses and supervises banks, microfinance institutions and payment service providers, and operates Bakong.
- Non-Bank Financial Services AuthorityNBFSA
- The Cambodian authority that oversees non-bank financial services, including securities, insurance and pensions.
- Prakasប្រកាស
- A ministerial or institutional regulation in Cambodia. NBC rules are usually issued as a Prakas with a reference number and date.
- Project Nexus
- A multilateral project to connect countries’ instant payment systems through one shared network, instead of many bilateral links. Not yet live.
- RielKHR
- Cambodia’s national currency. The US dollar is also widely used.
- Settlement bank
- The bank that completes the final transfer of funds between two payment systems, for example in a cross-border QR link.
- Static QR code
- A fixed QR code, often printed on a stand, that the payer scans and then types the amount into.