Wing Launches Its First Outbound Money Transfer Service
Phnom Penh, 16 December 2018 – Wing (Cambodia) Limited Specialised Bank has announced its first ever outbound money transfer service via “Wing2World”. Users of the WingMoney app can now transfer money to the Philippines, which can be collected from any one of 80 bank branches across the country, and to Vietnam, which can be collected directly at any Sacom Bank branch or personally delivered by the bank staff to the receiver’s address. The announcement comes the bank has currently been providing inbound money transfer service from over 200 countries across the globe.
The development is particularly welcome news for the thousands of Filipino expats working in Cambodia, who can now send money home to their families via their mobile phones, at a fraction of the cost charged by traditional banks. So is the case for many business owners, who need to make payment to their partners or suppliers in Vietnam, allowing them access to the same convenience and benefits.
Wing Chief Executive Officer, Mr. Jojo Malolos, said the step was in line with Wing’s mission to create an even higher level of convenience for its users.
“We have been at the helm of mobile financial services in Cambodia for ten years and it is our intention to remain there, as we lead the way in creating a truly cashless society in the kingdom, where banking is more convenient, more secure and more affordable. The world of financial technology, fintech, is creating new opportunities for mobile banking every day. We want to ensure that Cambodians have access to this technology and can enjoy a higher quality of life as a result.”
Mr. Malolos added that it was Wing’s intention to link Cambodia with as many countries as possible.
“If you need to send or receive money internationally, all you need is the WingMoney app. A simple process on the app gives our users access to “Wing2World”, which quite literally opens up a world of convenience. We are already providing inbound money transfers from 200 countries and I expect that number to grow exponentially over the short-term. While we provide ever more linkages for inbound money transfers, it is equally important that we do the same with outbound transfers, so I’m proud that we’ve now taken the first step with the Philippines and Vietnam.”
Anyone wishing to send money to the Philippines and Vietnam from Cambodia via the WingMoney app and “Wing2World”, will need a Standard Wing Account that is registered with the app. Funds are remitted in US Dollars and can be received in USD if the receiver’s account is in USD, alternatively the funds are received in Philippine Pesos or Vietnam Dong. No fees need to be paid by the receiver and, in most cases, transfers can be completed within one day.
Wing2World is Wing’s international money transfer service catering both inbound and outbound transfer. Wing opens up to the world of possibilities, providing access to thousands of migrant workers and their beneficiaries, as well as expats residing in the kingdom.
Wing launched Wing2World earlier this week, enabling users of the Wing Money account to be able to receive inbound money transfers from over 200 countries, including Thailand, South Korea, Japan, Australia, the USA, France, Malaysia and Singapore. The company says the Philippines and Vietnam is just the first step in expanding its outbound money transfer service and expects to make further announcements in this regard over the next few weeks.
For further information, please contact:
Wing (Cambodia) Limited Specialised Bank