The National Bank of Cambodia grants licence to Wing to operate a commercial bank through its extensive digital financial ecosystem.
Wing (Cambodia) Limited Specialised Bank, the Kingdom’s leading mobile financial service provider, was awarded a commercial banking licence by the National Bank of Cambodia, which allows Wing to operate a commercial bank under the name Wing Bank (Cambodia) Plc.
“This marks another milestone towards our vision of providing financial access to every Cambodian and to aid economic growth. With our innovative technology and extensive knowledge of the local market, Wing, our agents and partners are primed to combine efforts to bridge the gap by providing financial tools to the underbanked population,” said Wing’s chairman Neak Oknha Kith Meng.
With the granting of the licence, Wing will be able to provide a broader variety of banking products and services to all Cambodians such as providing loans and collecting deposits from the public.
These services complement Wing’s existing portfolio of digital and financial services delivered through the extensive network of over 9,300 Wing Cash Xpress agents and the Wing Money App. Wing will continue its normal operations without any disruption in the existing services offered via the Wing agents and the Wing Money App.
“We are committed to ensure that our noteworthy evolution to a commercial bank has a positive impact on our community, business partners and other players in the market,” Wing CEO Manu Rajan said. “We will continue to work closely together with our partners and the public to drive financial inclusion in Cambodia.”
The licence from the National Bank of Cambodia consolidates Wing’s vision of improving the daily lives of the unbanked segment. Since its inception in 2009, Wing has strived to empower Cambodians with reliable, convenient and secure financial access.