For central banks and governments
Sovereign digital money, proven at national scale
SORAMITSU designs, builds and supports national payment systems and central bank digital currency on open-source Hyperledger Iroha, from the first feasibility study to national operation. Since 2020, Cambodia’s national payment system, Bakong, has run on our technology under the National Bank of Cambodia.
Bakong in 2025
- ≈45 millionBakong accounts
- 450%of Cambodia’s GDP processed
- 1.3 billiontransactions, up 118.7% on 2024
- 58.2%of transactions in Cambodian riel
Sources: National Bank of Cambodia, Annual Report 2025 and Financial Stability Review 2025.
Policy goals
Built around what a central bank must achieve
Financial inclusion
One app for e-wallets, mobile payments and bank accounts, with onboarding by ID document scan and a liveness check.
Use of the national currency
Paying in the national currency becomes as easy as any other. In 2025, 58.2% of Bakong transactions by number were in riel.
Real-time, always on
Real-time gross payments between account holders on a single platform, around the clock.
Interoperability
EMVCo-compatible QR codes connect banks, wallets and merchants at home, and QR links reach eight regional economies.
Oversight and control
Automated reporting, back-office monitoring and account limits give the central bank a clear view of the system it supervises.
No vendor lock-in
Built on Hyperledger Iroha, open source under the Apache 2.0 licence and developed in the open under LF Decentralized Trust.
Track record
Trusted by public institutions
Our work with central banks, governments and development institutions across Asia and the Pacific.
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2020
National Bank of Cambodia
Bakong national payment system
Co-developed with the NBC and in production since October 2020.
Read more -
2022
Asian Development Bank
Cross-border securities settlement
Joined ADB’s initiative to test blockchain-based cross-border securities settlement among ASEAN+3 economies.
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2023
Bank of the Lao PDR
DLak digital currency
Proof of concept following a feasibility study initiated by the Japan International Cooperation Agency (JICA).
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2023
Central Bank of Solomon Islands
Bokolo Cash
Proof of concept covering retail payments, interbank settlement and simulated cross-border transfers.
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2024
Ministry of Finance, Palau
Palau Invest savings bonds
Digital savings bond prototype, introduced with support from Japan’s Ministry of Economy, Trade and Industry (METI).
Read more -
2025
Bank of Papua New Guinea
Digital Kina
Proof of concept with Japan’s METI, completed in January 2025.
Read more
How we work
From first study to national operation
Assess
A feasibility study shaped by your policy objectives: who the system serves, what it must control, and the legal and technical constraints.
Prove
A focused proof of concept with your institution and participating banks, measured against criteria agreed in advance.
Pilot
Broader users, resilience testing and regulatory refinement, before any decision on wider deployment.
Operate
Production operation and continuing support, as for Bakong since 2020, with training so your teams can run and extend the system.
We have worked alongside development partners including the Japan International Cooperation Agency (JICA) and Japan’s Ministry of Economy, Trade and Industry (METI).
Sovereign by design
Your currency, your infrastructure, your rules
Runs on your infrastructure
Hyperledger Iroha supports self-hosted permissioned and consortium networks, operated by the central bank and the institutions it chooses.
Open and vendor-neutral
The code is public under the Apache 2.0 licence, so your institution and other providers can inspect, operate and extend it.
Engineered for assurance
A memory-safe Rust core, deterministic execution and Byzantine-fault-tolerant consensus.
Ready to connect
With SORA Nexus, now in development, a central bank keeps its own private data space while settling with others in one atomic step.
Recognition
Recognised by the central banking community
- 2020Central Bank Digital Currency PartnerCentral Banking’s inaugural FinTech & RegTech Global Awards, for our work on Bakong.
- 2021Nikkei Superior Products and Services AwardAwarded to Bakong for its innovative technology and its impact on Cambodia’s economic and social development.
- 2021Japan Financial Innovation AwardWinner for developing Bakong with the National Bank of Cambodia.
- 2025LF Decentralized Trust CBDC eBookFeatures Bakong in production and the Bokolo Cash, Digital Kina and DLak proofs of concept as Hyperledger Iroha deployments.
On the strength of Bakong and related innovations, The Banker named NBC Governor Chea Chanto Central Banker of the Year for Asia-Pacific.
FAQ
Questions from central banks
Is Bakong a central bank digital currency?
It is often described as one. LF Decentralized Trust’s 2025 CBDC eBook describes Bakong’s model as tokenised deposits, a commercial-bank liability, operated under the National Bank of Cambodia’s oversight. Our proofs of concept in the Solomon Islands, Papua New Guinea and Lao PDR explored digital forms of national currency.
Can the system run on our own infrastructure?
Yes. Hyperledger Iroha supports self-hosted permissioned and consortium networks, operated by the central bank and the institutions it chooses. With SORA Nexus, a central bank would run its own private data space with its own validators.
Who controls the data?
The central bank. In a private data space, transaction data stays with the institution; only commitments are anchored to the shared ledger, and the central bank decides which proofs may leave.
Are we locked in to SORAMITSU?
No. Hyperledger Iroha is open source under the Apache 2.0 licence and developed in the open under LF Decentralized Trust, so your teams and other providers can inspect, operate and extend it.
How long does a proof of concept take?
It depends on the scope. The Digital Kina proof of concept, for example, ran from December 2024 to January 2025.
Can you support cross-border payments?
Bakong already links QR payments with eight regional economies, and the Bokolo Cash proof of concept simulated cross-border transfers. SORA Nexus is designed to settle both legs of a cross-border exchange in one atomic step.
Confidential briefing
Tell us what your payment system must achieve
Central banks, ministries and development partners: share your objectives and we will arrange a briefing, or email service@soramitsu.co.jp. Every enquiry is treated in confidence.