Senior management of Wing Bank and the SME Bank of Cambodia attend the MoU signing. SUPPLIED
Wing Bank (Cambodia) Plc and the Small and Medium Enterprise Bank of Cambodia Plc (SME Bank) have signed a memorandum of understanding (MoU) to provide affordable loans to small and medium enterprises in the Kingdom through the SME Co-Financing Scheme Phase II (SCFS II).
The agreement comes in support of the community and to assist in the recovery of the economy from the Covid-19 pandemic.
The SME Co-Financing Scheme Phase I was launched last year by the Cambodian government and is aimed at providing affordable financing with favourable conditions to promote the development of SMEs in priority sectors to minimise imports and fulfil domestic demand, as well as serve as an input to the production of larger enterprises.
“This partnership will contribute to the recovery of Cambodia’s economy – which has been greatly affected by the Covid19 pandemic – by supporting SMEs with convenient access to financial services,” said Han Peng Kwang, Wing Bank CEO.
“This will help to relieve the burden of business owners who have been hit hard by the pandemic.”
SMEs, like many other businesses in Cambodia and worldwide, have been heavily affected by the Covid-19 pandemic.
Through the Wing Bank and SME Bank partnership, owners of SMEs will be able to access affordable loans through Wing Bank and nearby Wing Cash Xpress Agents across Cambodia, as well as with the Wing Money App, saving time and travel costs.
“The partnership formed today will help to extend our support to SMEs in a greater way through the ever-improving digital financial ecosystem of Wing Bank,” Lim Aun, CEO of the SME Bank of Cambodia.
“SMEs in a tough position will now be able to access much needed financial support easier than ever before.”
Launched last year, the SME Bank has a mission to provide financing and commercial banking services in an effective and sustainable manner to support local small and medium enterprises, with the objective of increasing economic diversification and expanding export volumes.
Wing Bank is widely known for its multi-function Wing Money App and the omnipresence of its Wing Cash Xpress outlets, with nearly 10,000 across Cambodia providing financial services every day.
As of last year, Wing Bank had been working with more 2,400 SMEs for collection and disbursement services.
