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Wing and J Trust Royal Bank launch ‘Micro Savings’ to help all Cambodians open bank accounts

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Wing and J Trust Royal Bank launch ‘Micro Savings’ to help all Cambodians open bank accounts

Now you can open a J Trust Royal Bank savings account with just $5 and earn high interest rates using the Wing Money App in minutes and access it anywhere, any time by using the app and Wing agents

WING (Cambodia) Limited Specialised Bank and J Trust Royal Bank recently partnered to offer a pioneering product enabling their customers to open savings accounts and enjoy higher interest rates through the Wing Money App with just a few simple swipes.

“Saving money is important in every stage of our lives as it helps to protect us in the event of a financial emergency, and to some extent, it leads us to a greater sense of financial freedom,” said Manu Rajan, the CEO of Wing.

“This product from J Trust Royal Bank is designed specifically for unbanked Wing customers in Cambodia. They can start their savings account with as little as $5 at a time and accumulate it to earn high interest rates. We are confident that this product will let Wing customers reap greater benefits from their account in an efficient, secure and convenient manner.”

This new offering from Wing and J Trust Royal Bank is the first ever product in the local mobile payments market that helps every Cambodian with a valid ID open a formal bank account with the click of a few buttons on the Wing App.

Customers can earn interest on the money they keep in their J Trust Micro Savings account and access it any time, anywhere using the Wing App. As a special initial offering, customer deposits in the Micro Savings account will also earn the special interest rate of 1.35 per cent per annum.

Availing of this product is simple and convenient. Wing customers need simply open the Wing App on their smartphones, access the “Savings” option button and choose the amount they wish to deposit.

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The minimum initial deposit needed is only $5. Instantly their savings will start generating interest. The amount can also be cashed out at any time by transferring it back to their Wing Account and withdrawing it from any of the 7,500 Wing Cash Xpress agents. Transferring money from a Wing account to a J Trust Royal Bank account and vice-versa is easy, and takes place securely and instantly.

“J Trust Royal Bank’s commitment is to make quality financial services widely accessible in Cambodia,” said Toru Myochin, the CEO of J Trust Royal Bank.

“It is our privilege to be working with Wing on this innovative offering that is a first in the market.”

This pioneering Wing product was made possible through the support of J Trust Royal Bank. A joint venture of J Trust Group (Tokyo) and the Royal Group of Companies, J Trust Royal shares the same financial inclusion aspirations as Wing and honours its vision of providing every Cambodian with convenient access to mobile financial services for the improvement of their daily lives.

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