Wing Bank Officially Launches its Commercial Bank Licence and two New BranchesMarch 17, 2022
Wing Bank hosts the official launch of its commercial licence, an array of new products, a large digital banking ecosystem and the launch of its two branches today, Sen Sok and Independent Monument branches in Phnom Penh, with the esteem present of H.E. Hun Manet, Lieutenant General of the Royal Cambodian Armed Forces; H.E. Rath Sovannorak, Director General of Banking Supervision from the National Bank of Cambodia; and Neak Oknha Kith Meng, Chairman of WING Bank (Cambodia) PLC & CEO of Royal Group of Companies and other distinguished dignitaries.
H.E. Hun Manet extends his warmest congratulations to the success and the achievements that Wing has been working towards diligently for over 13 years. It is a proud journey for a local Cambodian company to reach such great heights. The expansion into becoming a commercial bank and the official launch of the two branches reflects the stability, resilience, and exponential market of the finance sector in Cambodia, despite the global outbreak of Covid-19 which has negatively affected socio-economic status at global, regional, and country levels.
He noted that the growing number of banking and financial institutions in Cambodia over the past 20 years has contributed greatly to the promotion of financial inclusion. Financial inclusion is important for its key role in enabling citizens and small to medium enterprises to access key financial services in an instant, convenient, and affordable manner to ensure the expansion of the economic potential in all sectors and reduce poverty rates in the country.
“The launch of Wing Bank’s branches today reflects the growth of the banking and financial sector in Cambodia despite the impact of the pandemic on the global community,” said H.E. Rath Sovannorak. “Wing Bank has proved its resilience and expanded as a commercial bank to solve the challenges of our community. Now customers can have more options when seeking and receiving financial services.”
Wing Bank will be using cutting edge technologies provided by world class partners to drive down the cost of banking operations and to reduce lead times for loan processing. Wing Bank will have innovative and attractive Savings products that will not only provide every Cambodian with ability to plan for their financial needs, but also will help them build their credit worthiness through every transaction that they do using the Wing Bank ecosystem. The more they use Wing Bank Services, the more they get closer to building up their credit scores to be eligible for Quick Loans from Wing Bank. Wing Bank makes use of modern AI and ML technologies for efficient and effective loan decisioning. The fastest loan decisioning on Wing Bank App will take place in less than 5 mins.
“We have placed a great priority on addressing issues facing communities and have curated our products intending to improve the daily lives of Cambodians by providing them convenient access to relevant financial service, even if they are in a remote village,” said H.E Neak Oknha Kith Meng. “As a local firm with a global outlook, we stand ready to do our part by promoting economic growth and improving the social welfare conditions across communities in the post-pandemic era.”
First Time Ever – 100% secure and theft proof Metal Bank Cards in Cambodia!
For the first time ever the bank cards in Cambodia will be 100% theft proof. The safety of your Wing Bank accounts will be at your fingertips. Even when your bank card is lost or stolen your money in your accounts will be safe because of the numberless feature of the card. You can activate and de-active your card with a click of a button in your Wing App. For the first time ever, a Cambodian Bank is providing a Metal In-Lay card that is superior to the normal plastic card issued by other banks.
Wing Bank has been a big proponent of Green Banking in Cambodia. With the largest digital ecosystem, it has built for digital banking and digital payments, Wing is living up to its vision of Improving the Lives of every Cambodian through convenient, relevant and socially responsible banking products. Wing has built a nationwide network of 10,000+ human ATMs, 13Mn Users who make use of its Phygital ecosystem, Unmatched trust and Expertise of Millions of Local and Global Financial Transactions with strict adherence to compliance and best-in-class customer experience.
Live a 100% Digital Life with 80+ Customer Journeys inside the Wing Bank App
Wing Bank has one of the largest ecosystems for digital payments. You can pay utility bills, make payments, transfer money to each other for free, send money abroad at the lowest charges, top up your phone, pay back your loans, pay your insurance premiums, travel in city buses, pay tuk-tuk rides, book and pay for taxi, bus and ferry, pay online, create and use Mastercard and Visa on Wing App and make payments across the world, take a Wing Mastercard and pay digitally at domestic and international merchants, donate to charity, use for paying e-commerce and social commerce and many more. Wing Bank has created over 80 customer journeys inside the Wing App to help enable transactions digitally for all segments of people in Cambodia in any currency.
The digital ecosystem has evolved tremendously as consumers drive digital adoption through the accelerated use of fintech during the pandemic. During the challenging period, Wing Bank has worked diligently to ensure uninterrupted service so that everyone has access to a broad range of financial services in a safe, convenient, and efficient manner.
Unmatched Reach for Business Partners
Last year, Wing bank served more than 13 million clients through its financial ecosystem. Over 500 corporations and 10 government agencies are now using Wing Bank’s payroll and disbursement services, allowing them to expeditiously execute payments and better support business operations. Over 85,000 merchants accept WingPay, the payment services from Wing.
Since its launch in 2009, Wing Bank has deployed innovative products as tools to boost financial inclusion in the Kingdom by bringing the unbanked and underbanked on board.
The two Wing Bank branches are the first to open since Wing Bank was awarded its commercial license. The locations were designed to meet the needs of the bank’s growing client base in response to increased demand for convenient and high-quality banking services in Cambodia.