Wing Specialised Bank last week announced a new partnership to expand the reach of its products and services. This time the Cambodian money transfer company is teaming up with Valyou, a Malaysian fintech firm, to give Cambodian migrant workers in Malaysia access to fast and easy remittance services.
With the new deal, Cambodians in Malaysia can send money home using Valyou’s mobile wallet app. The transferred money is made instantly available in the receiver’s Wing account, or can be retrieved at any Wing kiosk in Cambodia.
Valyou, a subsidiary of Telenor Group, has more than 2,500 cash-in-cash-out merchants in Malaysia, while Wing’s own network of agents in the Kingdom exceeds 5,000 people.
Jojo Malolos, Wing’s CEO, said the partnership was badly needed to give the large number of Cambodians working in the neighbouring Asean nation faster and more convenient access to remittances.
“As a specialised bank working to provide the best online payment solution in Cambodia, we are very excited about this partnership,” he said.
“It is our mission to provide a fast, secure and convenient way for thousands of Cambodians overseas to send money to their loved ones in Cambodia.”
According to data from the Ministry of Labour, between 2007 and 2017, nearly 39,000 Cambodian workers migrated to Malaysia for work. Cambodian migrant workers in Malaysia are mostly employed in agriculture, construction, manufacturing, and fishing, or as domestic workers.
Worldwide, an estimated 1.5 million Cambodians working overseas send nearly $2 billion back home in remittances every year.
Valyou’s CEO, Prasanna Rao, pointed out that this is his company’s third such partnership.
“Wing is the third wallet-to-wallet remittance product integration after Easypaisa and bKash.
“We are fully committed to bringing technological innovation to the remittance industry to offer greater convenience, reliability and affordability to our customers,” said Mr Rao.