Japanese blockchain startup Soramitsu is exploring new applications of central bank digital currency (CBDC) with a new project on cross-border payment system for Asian countries.

Soramitsu will deploy Cambodia's CBDC and fiat peg stablecoins as part of its new payments system targeting countries including India, China, Japan, and regions such as Southeast Asia.
The new project builds on Soramitsu's experience in CBDCs, including its involvement with the Asian CBDC project Bakong in Cambodia and Lao kip in Laos, Nikkei reported Aug. 8.
Launched in 2020, Bakong Cambodia is a public-private initiative that allows Cambodian residents to pay in stores or send money through a mobile app using the local currency, the riel, or the US dollar. Since its release, Bakong's adoption has spread to countries like Malaysia, Thailand, and Vietnam. By the end of 2022, Bakong had 8.5 million users and handled some $15 billion in payments.
"The company is working to enable similar cross-border payments for India, China and Laos, and hopes to bring Japan into this network," the latest report states.
As part of the project, Soramitsu plans to establish a Japanese stablecoin exchange, which would allow currencies from various countries to be converted.
One of the features of Soramitsu's envisioned payment network is the anticipated reduction in transaction fees. According to the company, the reduction in commissions would be achieved through the implementation of stablecoins, which can be transferred without going through existing interbank payment networks.
To build the cross-border payment network, Soramitsu teamed up with Tokyo-based digital services company Vivit and Tama University's Center for Regulatory Strategy. You are trying to partner with major eCommerce sites.