Wrapping Up 2024 At Wing Bank – Notable Launches, Activities And Achievements
In 2024, Cambodia’s banking sector continued to expand, with various financial institutions announcing new partnerships and launching an array of new products and services to the market. Wing Bank remained at the forefront of such new developments, as one of the fastest growing digital banks in the country.
With the year now coming to an end, we take a look back at the most notable Wing Bank launches, activities and achievements throughout 2024.
National Expansion – New Wing Bank Branches In 2024
Wing Bank continued its expansion across Cambodia with the opening of four new branches in 2024. The first was the launch of its latest Phnom Penh branch located inside the AEON Mall Mean Chey (AEON 3).
Outside of the capital city, Wing Bank expanded to Takeo, Kampong Chhnang, and Pursat, giving members of those local communities access to the bank’s full services, with the aim of further driving forward financial inclusion.
Wing Bank’s 2024 Product Launches And Special Services
Wing Bank launched a handful of new products and services in 2024.
- New ‘Save for a Goal’ accounts – These accounts allow customers to tailor their savings journey according to specific targets, including the desired amount, item, and period (term), providing more flexibility to set one’s own deposit schedule.
- Wingpoints loyalty program – Users of the Wing Bank App can now earn coins from every transaction, enabling them to save more and make even greater purchases. Relatedly, Wing Bank launched a ‘Gold Bar Racing’ campaign to encourage customers to accrue Wingpoints, the grand prize being a 0.5 kg 24k gold bar for the first person to accumulate 15,000 Wingpoints.
- Visa Infinite Credit Card – the Wing Bank Visa Infinite Credit Card allows cardholders to request credit limits of up to USD 1 million and benefit from an extended interest-free grace period of up to 55 days.
- Mastercard One Card – the Wing Bank Mastercard One Card is Cambodia's first credit and debit card rolled into one, with two premium options (Platinum and Gold).
- Zero transfer fee up to USD 150,000 – until the end of 2024, Wing Bank offered a cost-effective remittance solution that allows customers to send up to USD 150,000 monthly to a number of Asian countries with zero transfer fees, making it easier than ever to send funds across borders.
- Bakong Tourists App support – Wing Bank is a recognised partner of the new ‘Bakong Tourists App’ that was launched by the National Bank of Cambodia (NBC) in August 2024. The app is intended to promote the tourism sector in Cambodia by providing convenient and seamless digital payments for international tourists within the Kingdom.
New MOUs And Partnerships
2024 marked a significant number of partnership announcements for Wing Bank with both government institutions and prominent private sector players.
Wing Bank Public Sector Partnerships 2024
Right at the start of the year on January 10, 2024, Wing Bank signed a Memorandum of Understanding (MOU) with the Ministry of Economy and Finance (MEF) to promote and support the development of the digital economy and financial technology, in accordance with the policies, strategies, laws, and regulations currently in force.
“The collaboration between Wing Bank and the Ministry of Economy and Finance is a testament of an important collaboration between government institutions and the private sector in promoting the economy and better living conditions for the Cambodians,” said Neak Oknha Kith Meng, Chairman of Wing Bank and the Royal Group of Companies, at the time.
Later in May, Wing Bank announced that it had been authorised by the General Department of Taxation (GDT) to accept tax payments from the public nationwide, without any additional fees, in order to offer individuals and entities greater ease in fulfilling their tax obligations.
The bank also signed MOUs with the Ministry of Industry, Science, Technology & Innovation (MISTI) and the Securities and Exchange Regulator of Cambodia (SERC) to serve as a payment partner for both MISTI’s public service fees and the SERC’s online investor ID registration and renewal fees. These partnerships allow customers to make these payments through Wing Bank’s digital payment solutions, including the Wing Bank app.
Furthermore, when Cambodia and Singapore officially launched the Financial Transparency Corridor (FTC) in July 2023, Wing Bank was announced as one of the five participating financial institutions from Cambodia.
Private Sector Partnerships 2024
Early in the year Wing Bank announced it was entering a strategic bancassurance partnership, with Prudential Cambodia, which was endorsed by the Insurance Regulator of Cambodia (IRC) and the National Bank of Cambodia (NBC).
In the realm of transportation, Wing Bank signed an MOU with Move-By LM CAR to bring the bank’s digital payment solutions to the ride-hailing app. The bank also announced two strategic partnerships with:
- Mekong EV Co., Ltd. – providing motor loans up to USD 5,000 for customers wishing to purchase TAILG Electric Motorcycles, and collateral-free loans as working capital for dealers distributing TAILG Electric Motorcycles
- JETOUR Cambodia – providing up to 100 per cent loan assistance and attractive long-term repayment options for customers to own JETOUR brand vehicles.
Supporting agricultural development, Wing Bank signed two MOUs focused on providing agricultural stakeholders and farmers access to financial aid up to KHR 100 million, and the chance to expand their market reach through Wing’s e-commerce platforms:
- Wing Bank and WingCommerce signed an MOU with Cambodia Standard Development & Supply (CSDS) and the Harvest III project.
- Wing Bank and WingCommerce signed an MOU with Amru Rice and the Cambodian Agriculture Cooperative Corporation Plc (CACC) during the 4th Sustainable Agriculture Summit held on February 28, 2024.
More on e-commerce, Wing Bank, along with Wingmarket, entered into a partnership with HEINEKIN Cambodia to allow the latter company’s trade partners (predominantly MSMEs) to gain access to Wing Bank instant digital credit products and purchase inventory to grow their business through Wingmarket supply chain solutions. Wing Bank, along with Wing Inter Logistic Technologies Co., Ltd., also signed an MOU with OPPO Cambodia to allow OPPO dealers and customers to access Wing Inter’s supply chain solutions through Wingmarket, and to provide customers the option to Buy Now, Pay Later when purchasing OPPO smartphones.
Additionally, Wing Bank joined hands with JapanMoney Express to increase the remittance options available to Cambodians living and working in Japan, ensuring that they have a reliable, safe, and cost-efficient means of transferring money home, while fostering greater economic cooperation and facilitating seamless transactions between the two countries.