Wing Partners with Kookmin Bank
Sending money between South Korea and Cambodia has just got easier. Wing (Cambodia) Specialised Bank today announces the launch of a money transfer service with Kookmin Bank Cambodia Plc, which is the subsidiary of KB Kookmin Bank, South Korea’s largest commercial bank.
Cambodians working and living in South Korea will be able to send cash to anywhere back home using a link-up between Wing and Kookmin Bank Cambodia Plc’s Liiv digital banking app.
Money can be transferred seamlessly between the two countries in less than 10 minutes. The service went live on December 19.
It’s fast, secure, safe, convenient and affordable with special fees starting from just $2.5.
Simple to use, workers can send remittances of up to $2,500 at a time to Cambodia via the Liiv app, which has been integrated with Wing, by visiting one of KB Kookmin Bank’s more than 1,500 branches throughout South Korea.
At the other end, collecting the cash in Cambodia is easy too with a nationwide network of 5,000 dedicated Wing agents.
The partnership is Wing’s second with a financial company in South Korea, building on the increasing numbers of Cambodian migrant workers in South Korea who are sending money home by formal financial services.
Almost 45,000 Cambodians are legally living and working in South Korea, according to figures from the Ministry of Labour released earlier this year. In 2016 alone, 7,371 Cambodians made the move to South Korea.
Cambodian migrant workers in South Korea sent home $260 million last year, the Ministry estimated.
Jojo Malolos, Wing’s Chief Executive Officer, said: “We are excited to be working with Kookmin Bank Cambodia Plc. which is a subsidiary a bank with the stature of KB Kookmin and to build on our presence in South Korea.”
“We are always looking for ways to meet the needs of our customers and help make their lives run more smoothly. Cambodians living and working abroad are increasingly realising the value of digital payment services to send money home to loved ones.”
Park Yong Jin, Chief Executive Officer of Kookmin Bank Cambodia Plc. said: “We believe in the power of partnership and collaboration in making things happens.”
“We are delighted to be working with Wing for the first time and see this significant step as the start of a strong relationship for the future to bring our countries and businesses closer together.”
Highlights of Partnership:
* Integration of Wing and Liiv
• Fast, sent within 10 minutes
• Safe, secure and convenient
• Affordable. Special fees:
- $2.5 for transfer up to $500 to mobile phone number/$5 for transfer up to $1,000 to mobile phone number.
- $2.5 for transfer up to $500 to Wing account/$3.5 for transfer of up to $2,500 to Wing account.