Logo of Phnom Penh Post newspaper Phnom Penh Post - Wing partners with Morakot to help MFIs, banks provide better services to clients



Wing partners with Morakot to help MFIs, banks provide better services to clients

Content image - Phnom Penh Post
Wing CEO Manu (left) and Morokot counterpart Sophorth Khuon. Photo supplied

Wing partners with Morakot to help MFIs, banks provide better services to clients

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.

Content image - Phnom Penh Post
The senior management of both companies pose for a group photo after the signing ceremony. Photo supplied

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.

MOST VIEWED

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there

  • Cambodia lauded for fight against Covid-19

    Cambodia has drawn global accolades for its handling of the Covid-19 pandemic, with a new report finding that the Kingdom has controlled the pandemic better than any other country in Asia. Dr Takeshi Kasai, director of the World Health Organisation’s (WHO) Western Pacific region,