In a bid to enhance the financial literacy of Union of Youth Federations of Cambodia (UYFC) members, a memorandum of understanding (MoU) was recently signed between UYFC and a prominent locally-owned bank. 

The agreement with Wing Bank aims to equip UYFC members with knowledge about finance, modern digital banking solutions and foster the generation of innovative ideas for improving daily livelihoods. 

The signing ceremony, held at The Many Centre in Phnom Penh on December 5, saw the presence of Samheng Bora, Ministry of Commerce secretary of state and UYFC Central Committee member, along with Wing deputy chief executive officer Hor Bunthe. The event was attended by Minister of Civil Service and UYFC president Hun Many.

Many said the MoU seeks to offer financial training opportunities for UYFC members, enable internships at Wing and initiate financial literacy projects to support other youth.

"This partnership with Wing Bank reflects our unwavering determination to unlock the potential of Cambodian youth. Through this collaboration, we offer our members knowledge and understanding of financial management, guiding them on a journey toward achieving their goals," he said.

Many said the UYFC is committed to instilling necessary knowledge and skills in Cambodian youth, aiming for them to become the cornerstone of the nation, contributing to maintaining achievements and stimulating future socio-economic development.

Kith Meng, chairman of Wing Bank and CEO of its parent company Royal Group, said the collaboration with the UYFC represented a force of solidarity based on a common vision. The two institutions aim to utilise these skills for the betterment of community development.

"This MoU demonstrates our commitment to fostering financial inclusion and strengthening the capacity of Cambodia's youth. We are confident that through our own initiative, we will contribute to building a generation of youth equipped with capable and robust financial knowledge," he said.