Driving Financial Inclusion
October 14, 2024Wing Bank prides itself on providing convenient access to a wide array of financial products and services designed to enhance the daily lives of every Cambodian.
Wing Bank takes great effort to live up to its motto as “The Bank for Every Cambodian.” Serving both individual and corporate customers across a raft of financial services needs – including loans, micro savings, credit referrals, money transfers, and more – the company’s pioneering focus on providing digital solutions has revolutionized the way Cambodians gain access to banking. With convenience and a determination to improve the daily lives of its customers at the forefront, Wing Bank also offers mobile phone top-ups, retail payments through its WingPay service, and even e-commerce capabilities through its Wingmall, Wingmarket, and Wingagri platforms.
By prioritizing instant, secure, and convenient mobile financial services via its multipurpose Wing Bank app, the firm has achieved 100 percent coverage of Cambodia’s districts, bolstered by a network of more than 11,000 Wing Cash Xpress agents, 140,000 merchants, and partnerships with industry giants including Mastercard, Western Union, Visa, UnionPay International, Alipay, WeChat Pay, Huawei, Oracle, Ria, Prudential Cambodia, GME, Japan Remit Finance, SentBe, and others. After receiving the license to operate as a full commercial bank in late 2020, Wing Bank has expanded its reach to 23 locations nationwide, further broadening its footprint across Cambodia.
“These expansions reflect our commitment to extending our reach and providing accessible financial services to communities across Cambodia,” says Neak Oknha Kith Meng, chairman of the board of directors of Wing Bank and CEO of Royal Group.
“Looking ahead, I am highly optimistic about the Cambodian economy.”
Neak Oknha Kith Meng, Chairman, Wing Bank (Cambodia) PLC.
Central to its mission is a dedication to financial, gender, and digital inclusion, particularly with reference to the unbanked and underbanked. More than 80 percent of Wing Cash Xpress agents and 50 percent of customers are women, underscoring the bank’s progress in this area. This is backed by a robust corporate social responsibility program that includes a long-term partnership with the Samdech Techo Voluntary Youth Doctor Association, which conducts vital charitable work in the healthcare sector, support for underprivileged children through Acting for Women in Distressing Situations (AFESIP) Cambodia, and financial contributions to the Angkor Hospital for Children, Cambodia Kantha Bopha Foundation, and Union Youth Federations of Cambodia, among a host of other initiatives.
As a result of its efforts, Wing Bank is the first financial organization to receive the Outstanding Social Welfare and Development Award, in recognition of its work distributing emergency COVID-19 recovery funds, while the 2023 AmCham CSR Excellence Awards saw the bank recognized for its financial literacy program for agents and its work on the campaign to make Cambodia landmine-free by 2025. “We are fully committed to being a socially responsible bank, making positive impacts on society,” says Kith Meng.
Focusing on these core commitments has brought the bank significant success. In 2023, Wing Bank’s assets increased by 151 percent to an all-time high of US$1.59 billion, while its customer base grew 23 percent to 8.9 million. “Looking ahead, I am highly optimistic about the Cambodian economy,” says Kith Meng. “The Prime Minister’s Pentagonal Strategy – Phase 1 sets clear goals and a long-term vision for economic and social development.”
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