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

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia voted ‘world’s friendliest country’ in Rough Guides reader poll

    Cambodia ranked number one among the “World’s Friendliest Countries”, according to a reader poll conducted by London-based international website “Rough Guides”. Taking submissions through Twitter and Facebook, “Rough Guides”, a well-known travel agency and publisher of guidebooks, said the Kingdom “was by far the

  • S’ville set to turn into ‘second Shenzhen’

    The Ministry of Economy and Finance has awarded a master plan consultancy contract to top Chinese institute for the development and transformation of Preah Sihanouk province into a “Model Multi-Purpose Special Economic Zone”, Southeast Asia’s next logistics and resort hub and innovation centre. The