Logo of Phnom Penh Post newspaper Phnom Penh Post - Refining, expanding existing suite of products and services on Wing’s plan for next year

Refining, expanding existing suite of products and services on Wing’s plan for next year

Content image - Phnom Penh Post
Malolos (above) says Wing reinvented itself to become a leading player. Post staff

Refining, expanding existing suite of products and services on Wing’s plan for next year

Mobile banking services provider, Wing (Cambodia) Limited Specialised Bank’s meteoric rise was not a walk in the park.

Its CEO Jojo Malolos explains it aptly. “Our secret to success has been some of our earlier failure,” he said genuinely.

Wing’s success was largely due to its ability to quickly and effectively reinvent its business model by introducing agent banking after failing earlier to promote e-wallet among Cambodians in 2009.

A decade later that corporate risk eventually reshaped the Kingdom’s mobile banking system and Wing added a new dimension to the financial industry - not only moving money but also creating employment.

“So, Wing went through numerous challenges at the end of 2011 and the ANZ [Royal Bank] sold Wing to the Royal Group which turned around the business by introducing agent banking. We learned from their past mistake,” Malolos told The Post.

Now, Malolos proudly talks about Wing’s achievements in the once unexplored territory. A home-grown company, Wing has gradually and steadily become a household name, after successfully introducing mobile banking to thousands of the unbanked and under banked population across the country.

Today, over 6,000 agents in 25 provinces cater the needs of any Cambodian customer, who can easily transfer money to people at any part of the Kingdom in a secure and cost effective manner.

Wing boasts a diverse clientele: about 300 corporate customers, over 100 factories uses its services for payroll, three million customers carryout transactions on a monthly basis and it has one million registered account holders – these statistics speak for themselves!

“Today our success hinges on us addressing the needs of the unbanked and underbanked, 75 per cent of the population’s financial needs were often not addressed by the commercial banks and we addressed their needs."

“The catalyst of our success has been managing the needs and requirements of the unbanked and underbanked [population]. Today we see a flurry of activities, we pay bills, buy airtime, pay loans, do merchant banking and transfer of money,” said Malolos.

The company is now venturing into more extensive financial services such as outbound remittance, loan repayment to more microfinance institutions, and partnership with diverse categories of merchants.

Content image - Phnom Penh Post
Wing has over 6,000 agents on the ground to help Cambodians transfer money. Photo supplied

However, agent banking is likely to remain as Wing’s core operation due to the steady increase of Wing merchants across the nation each year.

After enjoying a brisk growth this year, Wing will continue to focus on expanding its international remittance and merchant payment segments to sustain its business “momentum” next year, amid competition in the domestic mobile banking sector.

“In 2019, there will be more innovations and expansion in our international money transfer service and merchant payment system – all these were introduced this year and we will continue to focus on improving and refining them. This will be the only way to maintain our growth momentum next year,” said Malolos.

As Wing promoted mobile money and electronic payment services, the company also created a small pocket of entrepreneurs along the way, who now enjoy better income.

“We have created entrepreneurship,” he said, adding that each agent could easily earn about $500 to $800 a month compared to their previous meager monthly earnings of about $100 to $150."

“We have partly succeeded in bridging the rural-urban divide. We are committed in bringing every Cambodian into the mainstream financial system and in some ways improved their lives,” he added.

The bank currently has more than 3 million active users who process in between 6 to 7 million transactions on a monthly basis. Last year, Wing's annual transactions hit more than $10 billion which amounte to 50 per cent of the country's $22 billion gross domestic product.

In line with all these achievements, the specialised bank has unsurprisingly nabbed numerous international awards this year.

It was named “Best Social Impact Bank - Cambodia 2018” by CFI.co and was rewarded “Sustainable Social Enterprise” and “SME Excellence – Growth” at the 2018 Asean Business Awards where Malolos was in attendance to
receive the honour.

MOST VIEWED

  • Archeologists find ancient phallic statue

    An archeological team has found a metre-long tipless stone linga (penis) of the Hindu deity Shiva in the foundations of a temple in Kratie province’s historical Samphu Borak area, a former capital of the pre-Angkor Empire Chenla period. Thuy Chanthourn, the deputy director of

  • China steel company relocates to Cambodia

    Chinese state-owned iron and steel company China Baowu Steel Group Corp Ltd has unveiled plans to relocate its blast furnaces from Xinjiang Autonomous Region in the northwest of China to Cambodia, which will be the first overseas Baowu production plant, a Reuters report on Wednesday

  • Chinese push up Sihanoukville property prices

    The presence of Chinese investors and tourists in Sihanoukville continued to push real estate transactions and increase prices in the city, with major construction activities underway, say property insiders. Previously, local property insiders predicted that real estate transactions in Preah Sihanouk province would begin to

  • Gov’t unconcerned by Kem Sokha ‘release’ bill tabled in US Senate

    The government was unconcerned by a bill put to the US Senate last week that demands the “release” of Kem Sokha, the president of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), its spokesman told The Post on Wednesday. The bill also calls for the