Wing (Cambodia) specialised Bank and Phillip Bank Plc signed a new agreement that will make it easier and more convenient for Phillip Bank’s customers to make their loan payments.
The agreement was formalised yesterday in a signing ceremony held at Raffles Le Royal in Phnom Penh. The memorandum of understanding (MoU) between the two companies was signed by Wing (Cambodia) Chief Executive Officer (CEO) Manu Rajan and Phillip Bank Deputy CEO Han Peng Kwang.
Established in 2009, Wing (Cambodia) has grown to become the leading mobile banking services provider in Cambodia. It also earned the reputation of being one of the few specialised banks in the world.
Phillip Bank, meanwhile, is part of Singapore’s PhillipCapital Group, a financial giant with a presence in more than 15 countries. Early this year, Phillip Bank merged with Kredit MFI, leading to the creation of the third-largest bank in Cambodia in terms of branch network. The bank currently has 89 branches spread across Phnom Penh, Kampot, Takeo, Kampong Speu, Kampong Cham, Siem Reap, Battambang and other provinces.
In his message during the ceremony, Rajan stressed that the partnership reflects their relentless efforts to give all Cambodians convenient access to financial services. He also said that they want to give the people here the freedom to grow and build their future.
“I am especially glad that we can extend these payment solutions to help people during the ongoing pandemic,” he said.
Rajan also pointed out such an arrangement will help many, especially small and medium enterprises (SMEs). The Wing (Cambodia) CEO noted that his company and Phillip Bank are strong supporters of Cambodia’s SME sector.
Under the agreement, Phillip Bank customers can make loan repayments through Wing’s network of agents across Cambodia, a news release provided to the media revealed. Currently, Wing (Cambodia) has more than 8,200 Cash Xpress outlets spread across Phnom Penh and other parts of the country.
“With this collaboration, Phillip Bank customers will now have another option to repay their loans easily without the need to visit the bank branches,” Han Peng said. “This partnership will help us achieve another milestone in delivering more digital products and services for all our customers who range from the micro to retail, SME and corporate clients.”
Phillip Bank presently serves more than 100,000 clients, more than 90 percent of whom are Cambodians.
In addition to Phillip Bank, Wing (Cambodia) has also entered into partnership with many other financial institutions in the Kingdom, including J Trust Royal Bank, Canadia Bank, Cambodia Commercial Bank, ABA Bank, ACLEDA Bank and PPCBank.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.