Japan-owned Sathapana Commercial Bank on Tuesday partnered up with Wing Specialised Bank to enable access to its customers to a wide range of financial solutions, including online bill payments and money transfers.
For in depth analysis of Cambodian Business, visit Capital Cambodia
Under a new agreement, Sathapana Bank customers will be able to repay loans or transfer funds through Wing’s extensive network of agents, its Wing Money mobile app, or via USSD messages.
Jojo Malolos, Wing’s CEO, said at the signing ceremony that Sathapana Banks’s customers have now access to a wide array of services offered by Wing, including phone top-up, utility bill payment and online payments.
Clients of the bank can also transfer money through their mobile phones from any location and at any time of day using a Wing kiosk, regardless of whether the receiver has an account with Wing or not.
“It is such a great day for millions of people who seek financial solutions for their business and other needs across Cambodia.
“Wing, together with Sathapana Bank, is excited to announce the launch of new financial services that will help provide convenient ways of loan repayment, fund transfer, and mobile payment for the customers of both banking institutions,” said Mr Malolos.
He said the partnership enhances access for millions of banked and underbanked people to loans that they can be used to expand a business, pay a mortgage, or finance the education of children.
“We have seen thousands of people whose life have been positively changed through the loans and deposit service of Sathapana Bank. Wing is here to help make it even easier through our Wing Cash Xpress network and our 24/7 Wing Mobile Banking Facility,” he added.
Kato Norihiko, CEO of Sathapana Bank, said both institutions have been working together since last year to use digital technology and leverage Wing’s massive network of agents to improve Sathapana’s services.
“Now, our customers can transfer money more easily to any Sathapana account, and they can also repay their loans through one of Wing’s 5,000 agents in the country,” Mr Norihiko said.
“This is in line with our commitment to provide a convenient, fast and safe service to our customers.”
Mr Malolos took the opportunity to stress that, as a subsidiary of Royal Group, a local conglomerate, Wing continues to work to further the country’s economic growth and promote financial inclusion.
“Together with all the other companies that belong to Royal Group, our goal is to open up possibilities for people, particularly in rural areas, and to help drive economic growth in the country.
“This is in line with our mission to deliver robust and cost-effective mobile money services that promote financial inclusion, catalyse growth and reduce social inequalities.”