Cambodia Investment Review
Wing Bank (Cambodia) Plc, the bank for every Cambodian, has announced its strategic partnership with UnionPay International (UPI), a leading global payment network. The partnership aims to broaden international money transfer services and explore future collaborations in digital payment.
Read more: Wing Bank ready to implement vision of ‘a bank for every Cambodian’
This significant milestone was commemorated by the signing of a Memorandum of Understanding (MoU) under the distinguished presence of Neak Oknha Kith Meng, Chairman of Wing Bank, and Chairman and CEO of the Royal Group of Companies, and Mr Huiming Cai, General Manager of UnionPay International Southeast Asia.
The MoU – signed by Mr Han Peng Kwang, CEO of Wing Bank, and Ms Leang Chenda, Country General Manager Cambodia for UnionPay International – solidifies both organisations’ commitment to modernising Cambodia’s banking experience. Wing Bank will leverage on UPI’s extensive reach and expertise, offering its customers fast, convenient, secure, and competitive international money transfer options through the Wing Bank App.
New outbound money transfer service
Han Peng Kwang, CEO of Wing Bank, expressed his enthusiasm about the partnership, stating, ” Wing Bank is excited to join hands with UPI to provide a new outbound money transfer service, with the expectation that this service will further enhance the relationship between the two organisations while exploring for future collaborations on digital payment products for its customers’ benefits.”
The partnership with UPI will empower Wing Bank to provide an easy and seamless money transfer solution to Cambodians and Chinese nationals living in Cambodia. By expanding its outbound money transfer services to China and other corridors through UnionPay’s global payment network, Wing Bank demonstrates its dedication to facilitating the financial needs of individuals and businesses in an increasingly global, international and diverse Cambodia,” he added.
Wing Bank focuses on providing digital solutions to enhance the lives of Cambodians, aiming to become a bank accessible to every Cambodian. A unique business model of assisted digital transactions using agents allows Wing Bank 100% coverage in all the districts in Cambodia. This has enabled Wing Bank to drive financial, gender, and digital inclusion. The bank is dedicated to providing every Cambodian with secure and convenient financial services. It is committed to promoting the benefits of digital transactions to enhance their lives.
Growth of UnionPay’s global business
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 2,500 institutions worldwide, UnionPay International has enabled card acceptance in 181 countries and regions, with issuance in 79 countries and regions.
UnionPay International provides high-quality, cost-effective, secure cross-border payment services to the world’s most extensive Cardholder base. It ensures convenient local services to a growing number of global UnionPay Cardholders and merchants.
Read more: Wing Bank Expands Reach with Launch of Banteay Meanchey Branch
Wing Bank and UnionPay International envision a future of expanded collaboration in the digital payment space. Together, the two parties will explore opportunities to introduce innovative payment solutions that cater to the evolving needs of customers in Cambodia.