Wing (Cambodia) Limited Specialised Bank and Canadia Bank Plc launched a strong strategic partnership on Tuesday to leverage on their respective expertise to ensure multiple financial services seamlessly reach every Cambodian.
The corporate partners signed a memorandum of understanding (MoU) solidifying their cooperation to further drive much-needed financial inclusion using their wide networks across the Kingdom.
“Once this partnership gets approval from the authorities to go live, all Canadia Bank customers will be able to use the close to 8,000 Wing Cash Xpress agents to make their Canadia loan repayments.
“It will be like having a country-wide network of close to 8,000 ‘human ATMs’ that Canadia customers can use to make transactions, and also a potential access to the 40,000-plus merchant ecosystem that accepts WingPay for shopping needs,” Wing CEO Manu Rajan said at the MoU signing ceremony held in the capital.
Wing chairman Neak Oknha Kith Meng, Canadia Bank chairman Neak Oknha Dr Pung Kheav Se, among other guests, were present at the event.
It comes in a favourable atmosphere as increasing numbers of Cambodians, especially the younger generation, rely more on digital banking.
According to the National Bank of Cambodia, there were 5.2 million active e-wallet accounts as of last year, with the total volume of transactions valued at $58 billion.
“The partnership we have with Wing provides another avenue for our customers to leverage on technology that is secure, convenient and cashless for their financial needs.
“For Canadia Bank’s customers, in addition to our 61 branches nationwide, our customers now also have the option of using almost 8,000 Wing Express agents to transfer money and make loan payments,” said Canadia Bank CEO Raymond Sia Say Guan.
Manu said the partnership benefited all sectors in the Kingdom, particularly small and medium-sized enterprises (SMEs).
“We are extremely proud that Canadia Bank is willing to explore a partnership with Wing to seek further opportunities to provide superior financial services to all segments of the community in Cambodia.
“With Canadia Bank ensuring access to finance for the SME sector, Wing has created an ecosystem that SMEs in Cambodia can use easily to accept and facilitate payments. They can also use tailor-made accounting solutions for book-keeping through Wing’s partners,” he said.
Having been operating for 12 years, Wing boasts almost 10 million users every year, and it steadfastly supports the Cambodian economy, facilitating transactions worth close to 90 per cent of the country’s GDP value last year.
Manu said that under the partnership, Wing and Canadia Bank would together explore new opportunities to ensure that every Cambodian enjoys convenience and security when it comes to access to financial services — thereby improving their standard of living.