Logo of Phnom Penh Post newspaper Phnom Penh Post - Ministry of Commerce and Wing Bank sign MoU to strengthen CambodiaTrade marketplace with digital payments

Ministry of Commerce and Wing Bank sign MoU to strengthen CambodiaTrade marketplace with digital payments

Content image - Phnom Penh Post
Han Peng Kwang (from left), Royal Group of Companies chairman Neak Okhna Kith Meng, Minister of Commerce HE Pan Sorasak and the ministry’s undersecretary of state HE Somheng Bora. Photo supplied

Ministry of Commerce and Wing Bank sign MoU to strengthen CambodiaTrade marketplace with digital payments

The Ministry of Commerce on Monday signed a memorandum of understanding (MoU) with Wing Bank (Cambodia) Plc on easing payments for consumers trading on the ministry’s CambodiaTrade marketplace.

The partnership has a two-pronged approach – to make payments convenient, fast and secure for customers and promote digital financial literacy for small and medium enterprises (SMEs) in the Kingdom.

The MoU signing ceremony held at the ministry was presided over by Minister of Commerce HE Pan Sorasak and Royal Group of Companies chairman Neak Okhna Kith Meng.

“The signing of this MoU marks a special event in our cooperation with the private sector, in particular Wing Bank, to assist Cambodian SMEs in increasing economic opportunities by selling Cambodian-made products to both domestic and cross-border consumers and business partners – regardless of where you are, you can access Cambodian products,” said Sorasak.

The ministry rolled out CambodiaTrade for pre-registration by SMEs in mid-June of this year by providing them with a fully integrated platform that allows them to reach a broader market in the Kingdom and overseas, granting them access to the growing global digital economy.

Content image - Phnom Penh Post

The CambodiaTrade marketplace is an important part of the Go4eCAM project, which is implemented under financial support from the Enhanced Integrated Framework.

The marketplace is an initiative by the Ministry of Commerce aimed at increasing economic opportunities for SMEs by participating in e-commerce and the digital economy.

“This partnership allows us to contribute to the development of SMEs in Cambodia using digital payments. Digital payments are becoming increasingly popular around the world due to their ease and security,” said Wing Bank CEO Han Peng Kwang.

Content image - Phnom Penh Post

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.

Last year, Wing Bank worked with more 2,400 SMEs for collection and disbursement services.

Wing Bank will also extend digital financial literacy to SME members of CambodiaTrade by hosting free training and capacity building activities.

The Ministry of Commerce and Wing Bank will work together to boost digital commerce and digital payments in Cambodia.

MOST VIEWED

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports