Logo of Phnom Penh Post newspaper Phnom Penh Post - Wing, GmoneyTrans ink partnership deal

Wing, GmoneyTrans ink partnership deal

An attendant at a Wing branch in central Phnom Penh receives money from a customer last year.
An attendant at a Wing branch in central Phnom Penh receives money from a customer last year. Hong Menea

Wing, GmoneyTrans ink partnership deal

A South Korean phone-based money transfer company has partnered with Wing Specialized Bank to tap into remittance services for Cambodians living and working abroad.

GmoneyTrans signed a cooperative agreement yesterday with Wing and hopes to launch the remittance service by the middle of next month, according to the company’s chief executive.

Kim Jong Moo, CEO of GmoneyTrans, said that the company’s service fees will be 70 per cent lower than current operators that typically charge between 4 to 5 per cent commission and take two or three days for funds to be made available to their recipient.

“If workers transfer $1,000 to relatives here through our service, they can pay less than $10,” he said, adding that banks generally charge nearly $40 for that same amount.

“[The service] will be more convenient, more innovative and will be a cost-saving network,” he said.

According to Jong Moo, there are nearly 45,000 workers in South Korea that send upwards of $500 million between the two countries each year.

To use the service, customers with existing bank accounts in South Korea must download the mobile app and register their account information. Once the sender sends the money to a confirmed account in Cambodia, recipients can pick up the money from any of the 4,000 Wing agents nationwide.

“The new service will not only help provide an easy way for Cambodian workers in Korea to send money home, but will also help them keep close relationships with their relatives,” said Jojo Malolos, CEO of Wing Specialized Bank.

Ministry of Labour spokesman Heng Sour welcomed the news of the cost-cutting service and added that nearly 8,000 Cambodian workers migrate to South Korea each year, earning on average a salary of $1,200 a month.

He estimated that some 43,000 labourers sent around $300 million between the two countries last year using traditional remittance services.

“If the new service can provide lowers costs, it is truly a great help for our workers in Korea,” he said.

So Phonnary, executive vice president of Acleda Bank, said that Acleda has partnered with numerous banks in South Korea and has negotiated a special rate for Cambodian workers of just 0.17 per cent of the transaction amount.

However, she said that due to Acleda Bank’s limited footprint in South Korea, the majority of the bank partners are inaccessible to Cambodian migrant workers.

“Cambodian workers in Korea are spread across the whole country, and the banks we have partnered with can’t reach them all,” she said.

“Having an easier service for workers to transfer money is good because they will have more choices.”

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • Khmer cinema classics back on big screen for free at WB Arena’s outdoor movies series

    On a recent Saturday evening at WB Arena, Bunsong was enjoying a tasty BBQ meal with his family after work on the long tables that had been arranged out in front of the restaurant as they watched a Khmer action movie on a big outdoor

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the