Wing Bank (Cambodia) Plc signed a Memorandum of Understanding (MOU) agreement with the Securities and Exchange Regulator of Cambodia (SERC) on the “Usage of Electronic Payment Services for Payment on Online Investor Identification Number (ID) Applications and Renewals” on August 19, 2024.
SERC Investor ID Applications Are Faster & Easier
Through this agreement, investors can make an online payment for Investor ID application and renewables directly to the SERC via Wing Bank mobile.
Speaking during the event in Phnom Penh, H.E. Sou Socheat, Director-General of SERC, said this collaboration aims to facilitate service payments for Investor ID applications for those in Cambodia and from overseas, so they can more easily participate in Cambodia’s securities market. He added this utilised technology to make the investors ID application faster, safer and improve reliability.
He further emphasised, “The growth of the securities sector means the growth of all sectors. If the securities market expands, the companies within the market will also grow.”
Socheat stated that Wing is not just one of the biggest banks in Cambodia but also a Cash Settlement Agent (CSA), registrar agent, transfer agent, paying agent, and now responsible for payments on Online Investor Identification Numbers (ID) for Cambodia’s securities sector.
Han Peng Kwang, CEO of Wing Bank, commented on this collaboration between SERC and Wing Bank, which marks a pivotal development in financial services by integrating Wing Bank’s digital technology solutions to support e-payment services for online investor applications and renewals.
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“By leveraging Wing Bank’s expertise and payment infrastructure, we are streamlining SERC's investor registration process, making it easier for businesses and individuals to engage in the securities market,” Kwang said.
He added, “This initiative enhances the accessibility of SERC services provided to both corporate and individual investors with seamless, secure, and cost-free transactions. Now, Wing Bank customers can perform their transactions with SERC in just a few clicks on their mobile banking app.”
Safeguarding Cambodia’s Financial Markets
Kwang praised SERC's role in safeguarding the integrity of Cambodia's financial market and fostering a transparent, well-regulated market that enables business growth, increases investor confidence, and expands the market.
He noted that over 30 percent of Wing Bank employees hold SERC trading accounts, and this number continues to grow daily.
Currently, three banks can conduct electronic payment services for Online Investor IDs to the SERC;
- WING Bank
- ACLEDA Bank
- ABA Bank
According to Socheat, as of Q2 2024, SERC has more than 50,000 Investor ID accounts. In 2023, a total of 32 million shares were traded with a value of USD $50 million, with a daily trade volume of 130,000 shares valued at USD $200,000 to $250,000.
2024 has seen a decline in trading but more accounts are being created.