Improving accessibility and convenience for local recipients in Cambodia
SentBe, a global forex total solution company led by CEO Seongouk Choi, announced on the 19th that it has entered into a partnership with Wing Bank, a specialized payment bank in Cambodia, to enable customers who frequently send money abroad to do so more efficiently and securely. Over the past 15 years, Wing Bank has transformed the financial access of Cambodians with its fast and secure mobile financial services and has grown into a bank that provides financial services in all regions of Cambodia.
Through this partnership, SentBe expects to expand its service awareness and trust in Cambodia and enhance the accessibility and convenience of local recipients in Cambodia. Utilizing Wing Bank's recipient channels, SentBe provides customers with more options to receive money in real-time in Cambodia with simple information. Through the SentBe Wing account receipt option, it is easy to send money from the sender's SentBe app or web-registered account to the recipient's Wing Bank app-registered account.
Cash pickup is also possible. Even if the recipient does not have an account number, with only the 8-digit unique password given at the time of remittance and the recipient's mobile phone number, money can be immediately received at over 11,000 Wing Cash Xpress agents across Cambodia.
To celebrate this partnership, SentBe is running a promotion offering free remittance fees for all customers sending money to Cambodia until June 9th.
To build a robust partnership, both companies held a ceremony to announce the start of the partnership on the 11th of last month, signing a memorandum of understanding. The signing ceremony took place at the SentBe Seoul branch with the attendance of key executives from both companies, including CEO Seongouk Choi and Vattanak Phakdey Chhun, Deputy CEO of Wing Bank.
CEO Seongouk Choi stated, "Through this partnership, I expect significant synergy by combining SentBe's distinctive competitiveness with Wing Bank's regional infrastructure to provide fast and secure remittance and receipt options." He added, "SentBe, which provides overseas remittance and payment services for individuals and businesses with a unique business infrastructure, including an in-house Legal & Compliance team for foreign exchange risk management, plans to expand strategic partnerships with various partners such as global banks and overseas remittance companies to provide more benefits and convenience to customers."
According to the economic trends in Cambodia announced by the Korean Embassy in Cambodia in September of last year, as of August 2022, there were about 46,000 Cambodian migrant workers staying in Korea, and they were confirmed to send approximately $500 million annually to their home country.
Deputy CEO Vattanak Phakdey Chhun said, "I believe that this partnership will be a great help to Korean Cambodian workers who need fast and safe remittance services," adding that Wing Bank is doing its best to allow them to remit hard-earned money safely and easily through Wing Bank's app and Wing Cash Express throughout Cambodia.
Wing Bank provides a convenient approach to financial products such as loans, deposits, small savings, credit inquiry services, remittances, utility bill payments, and insurance for anyone to enjoy financial services equally. It has 15 branches and numerous agents in Cambodia and plans to establish more branches this year to provide financial services across Cambodia.
Meanwhile, SentBe is leading borderless financial services by presenting innovative overseas remittance services that address the shortcomings of existing forex remittance and payment services with low fees, fast remittance speeds, and simple procedures, such as the personal small-sum overseas remittance service "SentBe" and the corporate overseas remittance and payment service "SentBiz." In the first quarter of this year, SentBe's transaction volume increased by 69% compared to the same period last year.
Published in IT DAILY on May 19. 2023
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