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Wing facilitates cash out for Bakong users

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The National Bank of Cambodia launched Bakong, the next generation payment system, in October.

Wing facilitates cash out for Bakong users

Through Wing, Bakong users can now conveniently cash out funds from 18 banks nationwide.

Customers of Bakong’s bank partners can now transfer funds with ease through Wing’s nationwide financial system.

Launched in late October, Bakong is an innovative blockchain based inter-bank platform enabling fluid payments between traditional banks and other financial institutions in Cambodia. Pioneered by the National Cambodia Bank (NBC) to unify the digital financial landscape, Bakong promises to enhance the efficiency and safety of payments, boost financial inclusion and promote cashless transactions in the national currency, the riel.

“Over the past 12 years, Wing has stayed true to our vision of providing every Cambodian with mobile financial services that improve their daily lives. With this joint force of Wing and Bakong we will push that vision even further,” said Neak Oknha Kith Meng, chairman of Wing.

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Chairman of Wing Neak Oknha Kith Meng.

“It’s the first time ever that such an innovative financial infrastructure is in place to connect banks, financial institutions, and payment service providers for every Cambodian,” said Manu Rajan, the CEO of Wing.

“Through this partnership, we can facilitate even more instant and convenient digital fund transfers and payments between diverse organisations. With Bakong, customers of all partner banks will now be able to use the country-wide network of Wing Agents to cash out their money,” he added.

For individual users, Bakong redefines mobile payment and banking by combining a number of banking and financial services into one platform. Since this digital currency can easily travel between people and institutions, users will be able to receive and transfer funds to friends, family members and business partners anytime, anywhere in Cambodia.

Today customers of all participating organisations can transfer funds by scanning QR codes, keying in phone numbers or just selecting recipients from their contact list.

Bakong users can choose from any financial institutions within Bakong’s network to transfer funds between one to another, all of which can be double-checked in the user’s private transaction history. Once transferred, the user can transfer the funds via Bakong to their Wing wallets and use any Wing agents across the country to cash it out.

The NBC is advancing the Cambodian fintech landscape with a national digital currency, and as one of the largest digital financial service providers in the country, Wing is doing its part to make this effort a success.

“Bakong and Wing are joining to drive Cambodia’s financial ecosystem to a new level of development,” Manu said. “For us, that means opening our convenient cash-in and cash out services for all customers of Bakong’s bank partners.”

On a broader perspective, this translates to greater convenience for customers as they can now access the Wing network of more than 8,200 Wing Cash Xpress agents located anywhere from the capital Phnom Penh to every district in the Kingdom and vice versa to facilitate all Bakong transactions.

Eighteen financial institutions nationwide are now members of Bakong. New users can find the Bakong app in the App Store, Google Play store, or through the Bakong website at https://bakong.nbc.org.kh

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