SBI and Cambodia Sign Two Agreements to Test Bond Tokenization and Stablecoin Remittances
Key Facts
SBI Group and the National Bank of Cambodia signed two memorandums of understanding to conduct separate tests: tokenizing Cambodian government bonds and using a stablecoin for transfers between Japan and Cambodia. SBI announced the agreements on November 13, 2026, saying the work aims to assess the feasibility of both initiatives before any details of a live service are set. The agreements put Cambodia’s central bank and the Japanese financial services group to two distinct tests of digital financial infrastructure, one involving bond trading and settlement and the other cross-border money transfers. The announcements describe neither test as a commercial launch, but as proof-of-concept work exploring technical and operational possibilities. The remittance initiative, bond trial and interim results are scheduled to be presented at the Black Swan Summit in Phnom Penh on November 15 and 16.
For the remittance initiative, SBI plans to test the use of the Japanese yen-denominated stablecoin JPYSC as a settlement layer between financial institutions. The test will run in a closed, end-to-end loop to assess regulatory, systemic and commercial aspects, according to the company. In the summit announcement, organizers said funds would reach recipients through Bakong wallets, linking the Japan transfer route to Cambodia’s existing payment infrastructure. The stablecoin, however, is intended for settlement between institutions, not to change how customers handle transfers; SBI says the customer experience will remain the same if the system enters practical use. The specific service details and launch timing have yet to be decided, the company said, adding that they will be determined through further discussions.
The bond initiative will test the technical feasibility of tokenizing Cambodian government bonds, as well as the efficiency, safety and transparency of transaction procedures. SBI plans to use Canton Network, a blockchain designed for financial institutions, for the proof of concept. The National Bank of Cambodia will record and manage bondholder information as tokenized bonds are transferred, while SBI will build the system environment and conduct the test with companies in its group. SBI said the project aims to make it possible to hold government bonds in small amounts through financial institutions familiar to citizens, supporting financial inclusion and broadening participation. That remains a goal of the trial, which focuses on feasibility and trading and settlement mechanisms, rather than announcing an available investment product.
The initiatives come as use of Bakong expands. Cambodia’s payment system links local accounts and wallets. The summit statement said the system had connected about 38 million accounts in a country with a population of 17 million and processed about 1.3 billion transactions worth $241.84 billion in 2025, equivalent to about 4.5 times Cambodia’s gross domestic product. In its 2025 Financial Stability Review, the National Bank of Cambodia estimated the number of transactions at 1,325.6 million in 2025, up from 606.1 million in 2024. The riel’s share of Bakong transaction volume also rose to 58.2% in 2025, from 49.3% in 2024 and 18.2% in 2020, according to the bank’s review. The figures show the local system’s growing use alongside efforts to test links with transfers from abroad.
The summit statement said the riel’s share of platform transactions rose from 17% in 2020 to 58% in 2025, approximate figures that differ slightly from the percentages in the National Bank of Cambodia’s review. Organizers also said the inaugural summit attracted more than 5,000 registered participants from 60 countries and was organized by the central bank and the Global Finance and Technology Network in collaboration with three Cambodian ministries. In comments carried by the Cambodian News Agency from the bank’s 2025 annual report, Governor Chea Serey said the institution would continue improving payment infrastructure to enable instant, secure and efficient transactions for businesses and consumers. The summit provides a date to present progress on the two tests, but the company said service details and availability timing would be announced after a decision is reached. The next stage will depend on the proof-of-concept results and further discussions among the partners.