Wing Enters into A Partnership with Cambodia Commercial Bank
Phnom Penh, 17 December 2018 – Wing (Cambodia) Limited Specialised Bank has announced a new partnership with Cambodia Commercial Bank, CCB, a 100 pct owned subsidiary of Siam Commercial Bank, SCB, in Thailand. The agreement paves the way for inbound and outbound money transfer service between Cambodia and Thailand, as well as other countries where SCB’s partner banks are located.
This partnership will help significantly improve international remittances in and out of Cambodia, by assisting in reducing high service fees and improving transactional security.
Mr. Kamalkant Agarwal, Head of International Banking for SCB, said CCB is committed to serving both Thai and Cambodian customers with improved services. With the partnership agreement signed with Wing today, CCB hopes to commence a new chapter of international cross-border remittance in Cambodia by leveraging on block chain technology.
“Wing’s 6000 plus agents and its established market position in Cambodia will further strengthen this payment ecosystem. CCB will act as the bridging partner between Wing and SCB to ensure that this partnership delivers significantly improved customer experiences. This partnership opens the door to many more opportunities for future collaboration between the two organizations using their respective strengths,” said Mr. Agarwal.
Cambodian Commercial Bank (CCB) is the very first commercial bank in Cambodia, established in 1991 with branches in 4 strategic locations within Cambodia which are Phnom Penh, Battambang, Siem Reap, and Sihanouk Ville. It is the first Thai bank to have ATMs outside Thailand and its Cambodian ATMs will from January 2019 become part of the ATM pool in Cambodia under the Central Share Switch project.
Wing Chief Executive Officer, Mr. Jojo Malolos said this exciting step was just the start of a process in fully linking Cambodia with the rest of the world.
“In the next few months, Wing’s customers will be able to enjoy a new world of convenience in receiving money from Thailand via SCB’s service as well as other countries via SCB’s partners worldwide. Receivers in Cambodia can either receive the remittance at over 6,000 Wing agents or via Wing Money app,” said Mr. Malolos.
Currently, Wing’s customers in Cambodia can receive remittance from over 200 countries around the world and the bank has just introduced Wing2World and its outbound money transfer service, with the Philippines as the first corridor. As the inbound money transfer service between the two banks will be introduced in the next three months, the partnership between Wing and CCB will also bring in the outbound money transfer to Thailand and other parts of the world in the near future.
According to the Ministry of Labour and Vocational Training, there were more than one million Cambodian workers in Thailand in 2018, the vast majority of whom are sending money back home to their loved ones.
For further information, please contact:
Wing (Cambodia) Limited Specialised Bank
Cambodian Commercial Bank