KBank and “Wing” introduce Thai-Cambodian cross-border money transfer solution

Thursday 26 March 2015 11:10
KASIKORNBANK and Wing Cambodia Limited Specialised Bank (Wing) – Cambodia’s most extensive mobile payment service provider – are introducing a Thai-Cambodian cross-border payment solution to serve bilateral trade and people in either country, including workers and tourists, ahead of the ASEAN Economic Community (AEC) inception at the end of 2015. This move reinforces KBank’s strategy of becoming an ASEAN bank.

According to Mr. Pakorn Partanapat, Senior Executive Vice President of KASIKORNBANK, it is KBank’s strategic policy to become an ASEAN bank, while creating far-reaching financial networks and enhancing international financial products that connect trade and investment within the AEC+3 bloc.

KBank has signed an agreement with Wing, Cambodia’s leading mobile payment service provider, to develop cross-border payment solution for trade and investment between the two countries, as well as money transfer services for retail customers in Thailand.

Established by ANZ Royal Bank – a subsidiary of ANZ Banking Group, a leading regional bank based in Australia – Wing is currently the top provider of mobile payments, money transfers, as well as payroll management services for retail and business customers in Cambodia. As of 2014, its nationwide coverage exceeded 10,000 dealer networks and has at least 550,000 users.

Mr. Pakorn added that this collaboration will be a starting point to provide excellent service to Cambodian customers in Thailand ahead of KBank’s full retail business operations in Cambodia. By this agreement, financial services will be enhanced for Thai-Cambodian border trade, which totaled 114.47 billion Baht in 2014, up 22 percent over-year. Also, almost 700,000 Cambodian workers in Thailand’s many industrial estates can be conveniently served in sending money back home, which would eventually boost transactions between both nations. This, plus ever-expanding mobile phone capabilities and rapid changes in consumer behavior, causes KBank to foresee vast opportunities in providing convenient, secure digital financial solutions to the target customer group.

This collaboration is expected to lead to payment innovations and services that respond to customer demand arising from our international trade and investment with Cambodia, which is now considered one of the desirable investment destinations for Thai investors.