Wing (Cambodia) Limited Specialised Bank and South Korean-based Shinhan Bank announced a partnership to channel international money transfers for Cambodian workers in South Korea, a press release issued on Tuesday said.
The new partnership creates an even greater level of convenience for the growing number of Cambodians working in South Korea.
It will allow them to transfer money home using the bank’s Shinhan Global S Bank mobile app and allowing receivers in Cambodia to collect the remittance in real-time via the Wing mobile app or at any Wing agent across the Kingdom.
Shinhan Bank, which is the largest commercial bank in South Korea in terms of total assets and market capitalisation, is Wing’s seventh partner in South Korea.
Wing CEO Jojo Malolos said the new partnership makes the prospect of working in South Korea even more attractive for Cambodians who would otherwise be anxious about the security of their hard-earned money.
The Ministry of Labour and Vocational Training annual report released in March this year said more than 45,000 Cambodians are currently working in South Korea, with a further 50,000 expected to seek employment in the country next year.
Shinhan’s banking service also includes a payroll service for workers in South Korea, meaning that Cambodian migrant workers who have an account with Shinhan Bank can send remittance to Cambodia immediately using its app.
Wi Sung-ho, the CEO of Shinhan Bank, which is part of Shinhan Financial Group Co Ltd, said the partnership with Wing represented an opportunity for both companies to advance to a shared goal.
“Shinhan Bank is always creating greater value for its clients, with new methods and approaches that help them manage their money in ways that keep pace with changes in the financial technology environment.
“We are proud to extend our international remittance service to the growing number of Cambodians working in South Korea,” he said.