Mobile financial service Wing Specialized Bank has formed a joint venture with Myanmar’s Mingalabar to provide services to the more than 80 percent of people in Myanmar who don’t use banks.
Wing CEO Jojo Malolos said after the deal was signed on Friday that the partnership will give the people of Myanmar access to Wing mobile banking services after the success of Wing’s operation in Cambodia.
"Today’s milestone not only showcases Wing’s achievement as it brings Cambodia’s own mobile financial services brand to a broader reach regionally, but also strengthens Wing’s commitment to providing the best and most innovative financial solutions not just locally but internationally as well,” he said.
Kyaw Htoo Linn, founder of Mingalabar Holding, said that Cambodia and Myanmar have great similarities in culture, people's behavior, mindset and the economy.
He said Wing, a subsidiary of local conglomerate Royal Group, was very experienced.
“It would be good for Myanmar to have Wing serve the many people who are unbanked. This partnership is a tribute to the journey of Myanmar as a country as it starts a new chapter,” Mr. Htoo Linn said.
“Through this, we aim to stimulate faster growth and to further strengthen the landscape of financial services in Myanmar.
“We believe we can provide very good mobile financial services to the unbanked population of Myanmar.
Rath Sovannorak, director-general for banking supervision at the National bank of Cambodia, said the new partnership is a good reflection of the success of Cambodia’s financial industry, which can expand not only in the country but also abroad.
"I believe this partnership would further reiterate the strong and long-term commitment and trust of the two parties in providing mobile financial services to the people of Cambodia and Myanmar," he said.
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