MFIs and banks across Cambodia can use Wing’s financial ecosystem through Morakot Technology to collect their loan payments, reducing their operating costs.
Wing (Cambodia) Limited Specialised Bank on Thursday partnered with Morakot Technology to assist microfinance institutions (MFIs) and banks in their loan payment collections, which will help reduce their operating costs.
Through this partnership, MFIs and banks can now collect their loan payments via Wing’s financial ecosystem using Morakot Technology’s core banking system, ensuring convenience and more effective operating cost management.
The customers of MFIs and banks can opt to repay their loans through either Wing Cash Xpress outlets or by using the Wing Money App, which functions 24 hours a day, seven days a week.
“I believe that the partnership with Wing will help our MFI and bank customers in providing better services to their clients. People can now pay back their loans through Wing agents without the need to visit the branch of their MFI or bank.
“There are currently almost 8,000 Wing agents across Cambodia. MFIs and banks can now focus on getting new customers and disbursing new loans rather than on collections, which will ultimately improve productivity,” said Sophorth Khuon, the CEO of Morakot.
Established in 2015, Morakot Technology has emerged as a leading core-banking system provider in Cambodia and currently serves 45 MFIs and banks in the Kingdom and Myanmar.
Wing and Morakot Technology share a common objective in using digital financial technology for the transformation of the financial services industry, especially in financial inclusion ranging from core banking systems to mobile banking.
“At Wing, it’s our commitment to ensure that our customers enjoy a wealth of financial solutions in a convenient, secure and fast manner.
“The integration of Wing’s financial systems and Morakot Technology is another avenue to leverage our financial technology for the benefit of those living in rural provinces as well as for MFIs and banks in rural areas.
“People need not travel long distances to repay their loans, while the financial institution can bring down their operating costs,” said Manu Rajan, the CEO of Wing.
Less than five per cent of MFIs in Cambodia can afford standard microfinance software as most of this was designed for banks.
Customisation was consequently needed and that required huge costs for MFIs.
Morakot Technology specialises in loan tracking and accounting processes for MFIs and banks under a single central hub.
The platform also integrates with the Credit Bureau of Cambodia’s database, which facilitates faster loan processing and approval.
As the leading mobile banking service provider in Cambodia, Wing has provided convenient access to financial services to Cambodians across the country through its Wing Money App, as well as its network of close to 8,000 Wing Cash Xpress across the Kingdom.
Established 12 years ago, Wing every year has close to 10 million users.