Wing Specialized Bank, the local mobile banking provider, recently launched international remittance services from Malaysia, after inking a partnership deal with that country’s financial technology firm, Valyou.
The deal aims to target Cambodian nationals living and working in the Asean nation.
According to Wing’s announcement, more than 150,000 Cambodians are employed in Malaysia in various industries such as agriculture, construction, manufacturing, fishing and domestic service.
“It is our mission to provide a fast, secure and convenient way for thousands of Cambodians overseas to send money to their loved ones in their country,” said Wing Chief Executive Officer Jojo Malolos.
Through the partnership, remittance customers can now send money directly home using the Valyou Mobile Wallet app or from over 2,500 Valyou locations across Malaysia.
After the transfer, the money can be cashed out to the receiver’s Wing account and be picked up at one of the over 5,000 locations in the Kingdom.
Wing earned a net profit of $1.7 million in 2017 with their total assets sitting at $27.4 million, according to the annual supervisory report of the National Bank of Cambodia.