Wing named “Best Social Impact Bank – Cambodia 2018” CFI hails Wing for excellence of its services
London, 24 October 2018 – Capital Finance International, has honoured Wing in its 2018 awards, naming Cambodia’s biggest mobile banking payment provider as “Best Social Impact Bank – Cambodia 2018”. Wing has been recognised for remaining true to its founding principles, as well as for the excellence of its services, in addition to the speed and precision with which its transactions are processed. Penetrating the base of the pyramid and facilitating transactions that represent more than 60% of the GDP in a country with more than 75% considered unbanked is no small feat.
Wing Chief Executive Officer, Jojo Malolos, expressed his appreciation for the honour.
“This global recognition reaffirms Wing’s success in getting more Cambodians in the mainstream of financial services and would not have been possible if not for the hard work of Wing employees, Wing’s dedicated agents, partners and customers, which bring products and services that promotes financial inclusion and improves the lives of every Cambodian. It is Wing’s mission to remain at the forefront of fintech in Cambodia and our vision that this kingdom becomes a truly cashless society,” said Mr. Malolos.
Malolos says being named as, Cambodia’s “Best Social Impact Bank” for 2018, will motivate the company to move to even greater heights.
“We regard this award and all recognitions we have received as catalyst to further pursue our vision across Cambodia. We will continue to introduce even more innovative and beneficial products, which not only create new levels of convenience for the millions in our eco-system, but also improvements in its impact to the remote economies in Cambodia,” said Mr. Malolos.
CFI.co’s judging panel found that Wing had managed to tap into the vast universe of Cambodia’s unbanked and under-banked with a series of purpose-designed products, aimed at meeting the requirements of customers not served by the country’s large commercial banks, such as mobile wallets and access to international payment options, including online Mastercard. It also praised Wing for its visionary approach when it comes to small and medium-sized enterprises, with Wing having expanded its suite of services to include bill payments, disbursement and payroll solutions for SMEs, assisting them to achieve greater levels of efficiency and financial management control.
25,000 SMEs, corporates, business, and microfinance institutions are already using Wing’s services, using the gateway to pay their staff and suppliers alike. Other services include the e-wallet, WingPay, which allows people to use the QR-code mobile payment system. This brings a wealth of benefits to Wing’s sub-agents, many of whom are “stay-at-home moms”. They are now empowered to generate an income, which, in turn, is helping boost the economies of their towns and villages.
The social impact of Wing’s continued expansion has also been felt by Cambodia’s farmers. For the first time, many of them are able to access loans that assist them in growing their businesses. Enabling access to a full suite of business services for these farmers has also seen an increase in efficiency and productivity, with farmers able to focus on their operations, rather than having to spend valuable time and money travelling to large centres in order to conduct their banking.
Mobile payment gateways, such as Wing, are proving a boon to the Cambodian economy and to those living and working outside its urban areas, as well as outside the country. International remittances are allowing money to flow back into the country, supporting the nation’s economic growth.
The National Bank of Cambodia (NBC) estimates that approximately 75% of the population in Cambodia are outside the formal banking sector. The NBC has been working closely with policy-makers, international organisations and financial institutions to boost fintech development in order to close the gap in financial inclusion, ensuring that all Cambodians have access to affordable financial services.
Launched in 2009, Wing (Cambodia) Limited Specialised Bank, has been playing a leading role in bringing the latest financial technology to the kingdom’s banking and payment sector for almost a decade. While it has been providing payment solutions to companies and individuals, the rollout of its products to include payroll solutions for SMEs has been a major step forward for its vision of creating a cashless society in Cambodia.
All of these advancements are helping Wing achieve its vision and effectively the NBC in its mission to support initiatives that make banking services more affordable, most especially for the poorest of Cambodians.
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See the CFI judging panel’s full report at: https://bit.ly/2wE9cR0