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Welcome to the first article of my fintech forum in Cambodia, and I will share the history and process towards the success of financial institutions that have changed the lives of all Cambodians.
Today I am going to share the history of Wing, a digital money transfer service provider that we are all familiar with.
Wing Cambodia Limited Specialized Bank was first established in 2009 by ANZ Bank in Cambodia. Wing’s mission is to provide convenient mobile financial services to Cambodians to improve their daily lives. However, in the first three years of launching the mission, it was not achieved due to the lack of knowledge and interest of users, which led to the first founder of Wing decided to sell the business.
But at the time, the Royal Group saw Wing’s vision as having great potential for the Cambodian economy, with a very low penetration rate in the banking sector and less than 10% of the population using bank accounts. The Royal Group sees Wing’s business as an opportunity and a new banking model that can provide convenience to low-income Cambodians and is excluded from the banking sector. This prompted the Royal Group to acquire Wing rights from ANZ.
With the new management, the Royal Group has diverted Wing’s operations, adding to the Wing agent booth to help build trust as well as assist consumers with “digital transactions” while the digital literacy rate of Cambodians remains limited. Since then, Wing has played a key role in contributing to financial inclusion, bridging the gap between those without bank accounts or millions of banks to participate. The financial sector and economic activity.
The wing has expanded its range of products and services in recent years, including domestic and international money transfers to 195 countries, bill payment and utility services, mobile top-up, services. Pay salaries and supply chain solutions that Cambodians can use directly from their mobile phones. In addition, Wing Pay also offers microfinance services, credit and loan repayments, and insurance payments, e-commerce, and more.
Almost 90% of the adult population uses Wing at least once a year. Per-minute, about 500 Wing operations are taking place. In 2019, the volume of operations in the Wing network will be about 90% of the size of Cambodia’s economy.
This is a success story that shows the impact of fintech in changing the lives of millions of people in Cambodia. Many new fintech solutions are emerging in Cambodia today. I am very excited and optimistic about the potential that fintech will bring to the Cambodian economy.
