- Over 50 countries covered by the partnership
- International money transfers accessible to over one million accounts
WorldRemit has just announced a partnership with Wing Cambodia Limited Specialised Bank to offer instant money transfers to customers in Cambodia.
The new service makes it possible for Cambodians living and working in countries including Australia, Canada, France and here in the US to send funds abroad via Wing's mobile banking platform. International money transfers can be made to any Wing account or payment agent in Cambodia. More than 50 countries will be covered by the partnership.
With over one million active mobile accounts and approximately 5,000 brick-and-mortar agent locations, Wing is one of Cambodia's leading alternative banking service providers. Through the WorldRemit platform, Wing users can now send money domestically to pay bills, shop with over 8,000 retail merchants, or pick up cash in person at a Wing agent location.
Recipients can have money deposited directly to their Wing account or can make a withdrawal from any one of Wing’s Cash Xpress locations across Cambodia. Users can also choose to deposit their money in either US dollars or Cambodian riels.
Because of WorldRemit's mobile capabilities, Wing customers are able to send international money transfers instantly using the WorldRemit website or mobile app without the inconvenience of waiting for funds to post or needing to travel to a pay agent location.
There has been a growing number of mobile banking users across South Asia in recent years. In 2016, reports estimated that the region was responsible for approximately 40% of all newly registered mobile account users. This growth is being driven by expanded mobile banking and transfer services – like Wing – that make it easier and more convenient to send funds both abroad and domestically.
Like other developing nations, Cambodia's widespread diaspora contributes significantly to the country's economy, with remittances from workers living abroad accounting for a large percentage of Cambodia's annual revenue. According to the most up-to-date figures from World Bank, money transfers added over $400m to Cambodia's GNP in 2015.
“This partnership will allow the hard-working Cambodian diaspora to send money back home to family and friends in the most convenient way possible," said Ismail Ahmed, WorldRemit CEO. "We are delighted to be partnering with a company that has pioneered mobile banking services in Cambodia and ensured that millions of Cambodians across the country can access financial services at the touch of a button."
Ultimately, WorldRemit's goal with the Wing partnership is to ensure that Cambodians living abroad have a fast and reliable way to send money back home. Officials at Wing are looking forward to the opportunity to offer their existing customers a higher level of service.
“This partnership brings international money transfer to the next level – sending money anywhere in Cambodia from Cambodians anywhere in the world online," said Wing CEO Jojo Malolos.
By teaming up with WorldRemit, Wing has improved access to financial services for millions of Cambodians, who can now complete transactions with just a few clicks.
