The partnership will provide users a reliable and hassle-free international money transfer experience to China.
Wing Bank (Cambodia) Plc – the bank for every Cambodian – has announced a strategic partnership with UnionPay International (UPI), the leading global payment network.
The partnership aims to broaden international money transfer services and explore future collaborations in digital payment.
The significant milestone was commemorated with the signing of a memorandum of understanding (MoU) in the distinguished presence of Neak Oknha Kith Meng, Chairman of Wing Bank, and Chairman and CEO of the Royal Group of Companies, and Huiming Cai, General Manager of UnionPay International Southeast Asia.
The MoU – signed by Han Peng Kwang, the CEO of Wing Bank, and Leang Chenda, Country General Manager Cambodia at UnionPay International – solidified both organisations' commitment to modernising Cambodia's banking experience.
Wing Bank will leverage on UPI's extensive reach and expertise, offering its customers fast, convenient, secure and competitive international money transfer options through the Wing Bank App.
Wing Bank CEO Han Peng Kwang expressed enthusiasm regarding the partnership.
"Wing Bank is excited to join hands with UPI to provide a new outbound money transfer service, with the expectation that this service will further enhance the relationship between the two organisations while exploring future collaborations on digital payment products for the benefit of customers.
"The partnership with UPI will empower Wing Bank in providing easy and seamless money transfer solutions to Cambodians and Chinese nationals living in the Kingdom.
"By expanding its outbound money transfer services to China and other corridors through UnionPay’s global payment network, Wing Bank further demonstrates its dedication to facilitating the financial needs of individuals and businesses in an increasingly global, international and diverse Cambodia,” said Han Peng Kwang.
Wing Bank focuses on providing digital solutions to enhance the lives of Cambodians, aiming to become a bank accessible to every Cambodian.
Featuring a unique business model of assisted digital transactions has allowed Wing Bank 100 per cent coverage across all parts in Cambodia. This has enabled Wing Bank to drive financial, gender and digital inclusion.
The bank is dedicated to providing every Cambodian with secure and convenient financial services, and is committed to promoting the benefits of digital transactions to improve their lives.
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business.
In partnership with more than 2,500 institutions worldwide, UnionPay International has enabled card acceptance in 181 countries and regions, with issuance in 79 countries and regions.
UnionPay International provides high-quality, cost-effective and secure cross-border payment services to the world's most extensive cardholder base.
It ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
Wing Bank and UnionPay International envision a future of expanded collaboration in the digital payment space.
Together, the two parties will explore opportunities to introduce innovative payment solutions that cater to the evolving needs of customers in Cambodia.