Key takeaways:
- Japanese fintech developer Soramitsu collaborates in establishing a cross-border payment system for Asian nations, centered around Cambodia’s central bank digital currency.
- Soramitsu’s involvement contributes to the expansion of an international network, facilitating seamless financial transactions across borders.
Soramitsu, a prominent Japanese fintech developer, has taken a strategic step towards fostering an interconnected cross-border payment network spanning multiple Asian countries.
This endeavor, which centers around Cambodia’s central bank digital currency (CBDC), represents a pivotal building block in an expanding global framework. Soramitsu’s active involvement in the issuance of CBDCs, exemplified by its contributions to Cambodia’s Bakong and Laos’ Digital Lao Kip, solidifies its pivotal role in this groundbreaking initiative.
The Bakong CBDC, which has seamlessly facilitated QR code-based digital transactions between Cambodia and neighboring nations like Malaysia, Thailand, and Vietnam, has already accrued an impressive user base of 8.5 million by the close of 2022. This robust adoption has translated into handling a substantial volume of payments, totaling around $15 billion.
Soramitsu’s strategic roadmap includes the establishment of a dedicated Japanese exchange tailored for stablecoins, a category of cryptocurrencies pegged to conventional legal tender.
TThis collaboration between Soramitsu and the cross-border payment network, underpinned by CBDCs, underscores the tangible potential of blockchain technology in fostering financial inclusivity across diverse economies.
As the world increasingly embraces digital innovations, this initiative resonates as a harbinger of a future where digital payments transcend geographic boundaries, nurturing economic growth and international connectivity.
The Bakong CBDC, which has seamlessly facilitated QR code-based digital transactions between Cambodia and neighboring nations like Malaysia, Thailand, and Vietnam, has already accrued an impressive user base of 8.5 million by the close of 2022.
This robust adoption has translated into handling a substantial volume of payments, totaling around $15 billion.
Soramitsu’s strategic roadmap includes the establishment of a dedicated Japanese exchange tailored for stablecoins, a category of cryptocurrencies pegged to conventional legal tender. This progressive move sets the stage for seamless cross-border financial interactions.
For instance, a consumer from Thailand desiring to make a QR code-based purchase on a Japanese e-commerce platform would initiate a payment in Bakong, which would be subsequently converted into a yen-denominated stablecoin, streamlining the process.
