Wing Limited Special Bank, one of Cambodia’s leading mobile banking service providers, and South Korean Woori Bank have signed a memorandum of understanding to allow real-time money transfers between Cambodia and South Korea.
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The service is expected to launch towards the middle of the year, according to a statement from Wing on Tuesday.
“Once the service available, Cambodians who live in South Korea will be able to transfer money to Cambodia on a real-time basis through the Woori global banking application, visiting a bank branch, or using automated machines with only an account number and mobile phone number,” Wing said.
The number of Cambodian immigrants living in South Korea is estimated at 40,000, it said, adding that both companies expect this figure to continue rising in upcoming years.
Wing provides bill payments and phone top-ups through more than 6,000 outlets throughout the Kingdom. Users can receive remittances from Australia, Singapore, Japan, and Thailand.
The agreement is part of Woori’s strategy to strengthen its presence in Southeast Asia. In April, Woori signed an agreement with local telecommunications company SK Telink to expand its offer of digital services.