Cambodia Investment Review
Prudential (Cambodia) Life Assurance Plc. and Wing Bank (Cambodia) Plc. have announced a strategic bancassurance partnership, endorsed by Insurance Regulator of Cambodia, and the National Bank of Cambodia.
This strategic partnership aims to enhance the accessibility of life insurance and financial protection across Cambodia, leveraging the strengths of both institutions to provide a comprehensive range of financial services in the country. Bancassurance, as defined by the National Bank of Cambodia, is a partnership between banks and insurers to sell insurance products through the bank’s network.
The launching ceremony was honorably witnessed by:
- H.E. Dr. Mey Vann, Secretary of State, Ministry of Economy and Finance and the Secretary General of the General Secretariat of the Non-Bank Financial Services Authority
- H.E. Bou Chanphirou, Director General of Insurance Regulator of Cambodia
- Mr. Heng Bomakara, First Deputy Director General of Banking Supervision of the National Bank of Cambodia The National Bank of Cambodia
- Mr. Huy Vatharo, Chairman of Insurance Association of Cambodia
- Neak Oknha Kith Meng, CEO of the Royal Group of Companies, and Chairman and the Board of Director of Wing Bank
- Mr. Han Peng Kwang, CEO of Wing Bank
- Mr. Wilson Ma, Chairman of Prudential Cambodia and Group Director, Business Management, Strategic Business Group of Prudential Plc
- Mr. Mandar Hastekar, Interim CEO & CFO of Prudential Cambodia (CLM Hub)
Pivotal Step Towards Financial Inclusivity
“Our collaboration with Wing Bank marks a pivotal step towards financial inclusivity in Cambodia. It is about bringing together the strengths of banking and insurance to serve the heart of our community. This partnership is our commitment to securing a brighter, financially stable future for every Cambodian family,” said Mr. Mr. Mandar Hastekar, Interim CEO & CFO of Prudential Cambodia (CLM Hub).
“The partnership strategically blends Wing Bank’s extensive branch network with Prudential Cambodia’s expertise in life insurance, aiming to prioritize the well-being and financial security of Cambodian families against unforeseen circumstances,” he added.
Customers now have the convenience of purchasing Prudential policies directly at approved Wing Bank branches across Cambodia, facilitated by well-trained Wing Bank employees.
To commemorate this partnership, customers that purchase any insurance products from Prudential Cambodia through WingBank will be rewarded with a special interest rate for a 12-month term deposits placement for any amount, get a free PRUMySafety, a personal road accident insurance package that provides protection against road accidents for multiple types of vehicles, and other exclusive offers. However, this exclusive offer is available only for a limited period of one month only, starting from 23 February 2024.
“This partnership is a significant move towards enhancing our financial protection offerings for customers, which in turn contributes to the stability and security of families and enterprises in Cambodia”, said Han Peng Kwang, CEO of Wing Bank. “With a shared purpose of providing robust financial stability to our community and consumers, our collaboration represents a critical step towards achieving our goal and empowering every Cambodian to enjoy a more secured and brighter future.”
Making Insurance More Accessible
Bancassurance is playing a key role in making insurance more accessible to Cambodians, already accounting for a substantial 40% of total sales in the Cambodian insurance sector in 2022. The Cambodian government is relying on bancassurance to extend the reach of the insurance industry, aiming to increase insurance coverage to 5.5% and the average amount of insurance per person to USD 135 by 2030.
Prudential Cambodia has been a pivotal entity in the Cambodian life insurance sector since its inception in 2013, boasting more than USD 259 Million in assets under management. Prudential Cambodia has served 425,00150 customers and approving USD 20 million in claims as of June 2023.
One of Cambodia’s fastest-growing digital banks, Wing Bank, demonstrates its commitment to financial inclusion and empowerment through its wide range of innovative financial solutions and remarkable growth. With many bank offices already operational and a vast network of 11,000 Wing locations across the country, Wing Bank serves over 14.5 million account users.
This initiative is geared towards providing greater accessibility and financial protection for the Cambodian population.
