Logo of Phnom Penh Post newspaper Phnom Penh Post - Another giant leap as Wing partners Canadia Bank to take financial inclusion to a whole new level

Another giant leap as Wing partners Canadia Bank to take financial inclusion to a whole new level

Content image - Phnom Penh Post
Wing and Canadia Bank top management pose for a group photo after the signing ceremony on Tuesday. Photo supplied

Another giant leap as Wing partners Canadia Bank to take financial inclusion to a whole new level

Wing (Cambodia) Limited Specialised Bank and Canadia Bank Plc launched a strong strategic partnership on Tuesday to leverage on their respective expertise to ensure multiple financial services seamlessly reach every Cambodian.

The corporate partners signed a memorandum of understanding (MoU) solidifying their cooperation to further drive much-needed financial inclusion using their wide networks across the Kingdom.

“Once this partnership gets approval from the authorities to go live, all Canadia Bank customers will be able to use the close to 8,000 Wing Cash Xpress agents to make their Canadia loan repayments.

“It will be like having a country-wide network of close to 8,000 ‘human ATMs’ that Canadia customers can use to make transactions, and also a potential access to the 40,000-plus merchant ecosystem that accepts WingPay for shopping needs,” Wing CEO Manu Rajan said at the MoU signing ceremony held in the capital.

Wing chairman Neak Oknha Kith Meng, Canadia Bank chairman Neak Oknha Dr Pung Kheav Se, among other guests, were present at the event.

It comes in a favourable atmosphere as increasing numbers of Cambodians, especially the younger generation, rely more on digital banking.

According to the National Bank of Cambodia, there were 5.2 million active e-wallet accounts as of last year, with the total volume of transactions valued at $58 billion.

Content image - Phnom Penh Post
The partnership will help to further promote financial inclusion. Photo supplied

“The partnership we have with Wing provides another avenue for our customers to leverage on technology that is secure, convenient and cashless for their financial needs.

“For Canadia Bank’s customers, in addition to our 61 branches nationwide, our customers now also have the option of using almost 8,000 Wing Express agents to transfer money and make loan payments,” said Canadia Bank CEO Raymond Sia Say Guan.

Manu said the partnership benefited all sectors in the Kingdom, particularly small and medium-sized enterprises (SMEs).

“We are extremely proud that Canadia Bank is willing to explore a partnership with Wing to seek further opportunities to provide superior financial services to all segments of the community in Cambodia.

“With Canadia Bank ensuring access to finance for the SME sector, Wing has created an ecosystem that SMEs in Cambodia can use easily to accept and facilitate payments. They can also use tailor-made accounting solutions for book-keeping through Wing’s partners,” he said.

Having been operating for 12 years, Wing boasts almost 10 million users every year, and it steadfastly supports the Cambodian economy, facilitating transactions worth close to 90 per cent of the country’s GDP value last year.

Manu said that under the partnership, Wing and Canadia Bank would together explore new opportunities to ensure that every Cambodian enjoys convenience and security when it comes to access to financial services — thereby improving their standard of living.

MOST VIEWED

  • Cambodia rejects UN rights claim

    Cambodia's Permanent Mission to the UN Office in Geneva on Friday hit back at David Kaye, the UN special rapporteur on the Promotion and Protection of the Right to Freedom of Opinion and Expression after he raised concerns over the repression of free speech and

  • Snaring may spawn diseases

    The World Wildlife Fund (WWF) has warned that snaring of animals has become a crisis that poses a serious risk to wildlife in Southeast Asia and could spawn the transmission of zoonotic diseases to humans. Its July 9 report entitled Silence of the Snares: Southeast Asia’

  • Ex-party leader, gov’t critic named as secretary of state

    A former political party leader known for being critical of the government has been appointed secretary of state at the Ministry of Rural Development, a royal decree dated July 9 said. Sourn Serey Ratha, the former president of the Khmer Power Party (KPP), told The Post

  • Residence cards set for over 80,000 immigrants

    The Ministry of Interior plans to grant residence cards to more than 80,000 immigrants to better keep track of them. The ministry announced the plan on July 10, following the results of an immigration census. “An inter-ministerial committee and many operational working groups have been set up

  • Kingdom, US vow stronger ties

    At an academic forum on Saturday to celebrate 70 years of Cambodia-US diplomatic ties, Cambodian researchers and officials expressed hope of encouraging US investments and for that country to deepen and improve its bilateral relations. Held at the Royal Academy of Cambodia, it reviewed the past 70

  • Fifteen Cambodians from Saudi get Covid-19

    The Ministry of Health on Sunday confirmed 15 more imported cases of Covid. The 15 men ‒ all Cambodian aged 21 to 33 ‒ arrived from Saudi Arabia on Friday via a connecting flight in Malaysia. They were travelling with 79 other passengers, three of them women. The ministry said 80 of the

  • Ministry requests school opening

    The Ministry of Education, Youth and Sport on Thursday said it would request a decision from Prime Minister Hun Sen to allow a small number of schools to reopen next month. Ministry spokesman Ros Soveacha said if the request is granted, higher-standard schools will reopen

  • Kingdom eyes India FTA, China deal set for August

    Cambodia is studying the possibility of establishing a bilateral free trade agreement (FTA) with India to open a new market with the second-largest regional economy. This comes as an FTA with China is scheduled to be signed next month while similar negotiations with South Korea

  • Judge lands in court after crashing into alleged thief

    Sen Sok district police on Thursday sent a Koh Kong Provincial Court judge to the Phnom Penh Municipal Court on manslaughter charges after he crashed his car into a woman riding a motorbike on Wednesday, killing her. District police chief Hour Meng Vang told The

  • Vietnamese workers in Koh Kong questioned

    The General Department of Immigration (GDI) is questioning 49 Vietnamese nationals who were working illegally in Koh Kong province to build a case and send them back to Vietnam, its Department of Investigation and Procedure director Kem Sarin said on Thursday. GDI forces and provincial authorities