Cambodia Investment Review
Wing Bank has released its Annual Report for 2023, marking a year of significant milestones and rapid growth. The bank’s achievements were attributed to the unwavering support from customers, regulators, shareholders, merchants, and partners.
Neak Oknha Kith Meng, Chairman of Wing Bank, extended his heartfelt gratitude to the National Bank of Cambodia and its Governor, Her Excellency Dr. Chea Serey, for their trust and support in promoting financial and gender inclusion through digital financial services. “The National Bank of Cambodia’s support has been instrumental in our efforts to accelerate financial inclusion in the country,” Kith Meng said.
2023 was notable for Wing Bank as it entered its third year with a full-fledged commercial banking license and its second year after it commercially launched branch operations in Mar 2022. The bank made significant investments to enhance its physical and digital presence, resulting in substantial growth in revenue, customers, and employees. “Our investments in 2023 have laid a strong foundation for sustainable and consistent growth in the years to come,” said Kith Meng.
Inauguration Of The Wing Bank Tower in 2023
A highlight of the year was the inauguration of the Wing Bank Tower, a new head office located at the intersection of Preah Monivong Boulevard and Kampuchea Krom Boulevard. The event, attended by Prime Minister Samdech Moha Borvor Thipadei Hun Manet, underscored Wing Bank’s commitment to drive transformation in the banking sector in Cambodia with its modern digital first banking capabilities.
In 2023, Wing Bank expanded its network by opening additional five new branches nationwide making a total of over twenty branches in less than 3 years of operations as a commercial bank. The Battambang Branch opened on January 26th, followed by a branch in the Royal Group Phnom Penh Special Economic Zone on February 24th, Orkide 2004 Branch on March 14th, Banteay Meanchey Branch on April 3rd, and Kampong Cham Branch on August 7th. “These expansions reflect our commitment to providing accessible financial services across Cambodia,” said Han Peng Kwang, CEO of Wing Bank.
Beyond banking, Wing Bank continued its commitment to social responsibility. It maintained a long-term partnership with the Samdech Techo Voluntary Youth Doctor Association (TYDA), committing an annual donation of USD 100,000 for five years to support healthcare initiatives. The bank also offered four-year scholarships to children under the care of AFESIP Cambodia and supported various cultural and social events, including Angkor Sankranta 2023 and Cambodia’s Festival at Yoyogi Park in Japan.
Wing Bank also focused on improving financial literacy by partnering with the Union of Youth Federations of Cambodia. “Our goal is to build a financially savvy and resilient generation,” said Han Peng Kwang. Additionally, the bank supported Smile Cambodia by promoting free operations for children with cleft lip and palate and collaborated with the Malaysian Business Chamber Cambodia (MBCC) to raise funds for landmine clearance initiatives.
Total Assets Increased By 151% To US $1.59 Billion
Financially, Wing Bank achieved robust growth in 2023. The bank’s total assets increased by 151% to US $1.59 billion, driven by strategic expansion and innovative financial products. The customer base grew by 23% to 8.9 million customers, and deposits rose by 200% to US $1.19 billion. “Our deposit increase reflects the confidence our customers have in Wing Bank as a reliable financial institution,” said Han Peng Kwang. The bank provided US $786.2 million in loans and credit facilities, maintaining a low non-performing loan ratio.
Wing Bank’s digital transformation included the launch of a revamped user-friendly mobile banking app and obtaining the Payment Card Industry Data Security Standard (PCI DSS) certification. “Our investment in digital infrastructure and cybersecurity ensures the safety and confidentiality of all digital transactions,” Han Peng Kwang stated.
Stability And Foster Sustainable And Inclusive Growth In 2024
Recognition for Wing Bank’s efforts came through multiple awards. The bank received three awards from Mastercard for First Launch in the Market, Leadership in Debit Volume, and Innovation Breakthrough. Additionally, the bank was named ‘Best Digital Innovation Organization of the Year’ at the Cambodia Digital Awards 2023 for its AI-driven digital loan product. “These accolades reaffirm our commitment to excellence, innovation, and social responsibility,” said Han Peng Kwang.
Read More: GDT Authorizes Wing Bank To Accept All Tax Payments
Looking ahead, Wing Bank remains optimistic about Cambodia’s economic prospects in 2024. The bank supports the Royal Government of Cambodia’s Pentagonal Strategy-Phase I, which focuses on People, Road, Water, Electricity, and Technology. “We are committed to supporting the Royal Government in implementing this strategy to ensure financial stability and foster sustainable and inclusive growth for the people,” Han Peng Kwang said.
The Annual Report for 2023 reflects Wing Bank’s dedication to driving financial inclusion and community empowerment in Cambodia. “We thank our customers, employees, and stakeholders for their unwavering support. Your trust motivates us to strive for more excellence,” Kith Meng concluded.
For more detailed insights, the full report is available on Wing Bank’s website here.
