Wing Bank signs on to ministry’s CambodiaTrade
Wing Bank signs on to ministry’s CambodiaTrade
The Ministry of Commerce and Wing Bank (Cambodia) Plc, a subsidiary of local conglomerate Royal Group of Companies Ltd, on August 30 entered into a partnership agreement to integrate digital payment systems into the ministry’s e-marketplace, CambodiaTrade.com, to help shore up Cambodian small- and medium-sized enterprises (SME).
The ministry soft-launched CambodiaTrade in mid-June to open up new pathways for the Kingdom’s SMEs to sell their wares to a broader audience and capture a slice of the growing global digital economy.
Royal Group chairman Kith Meng said that efforts from the technical teams of the ministry and Wing guided the project to success, adding that the bank has played a critical role over the past 13 years as a payment platform to serve the banked and unbanked populations.
“Looking 13 years back, Cambodia was not as broadly developed as it is today. We have made it easier for our people, especially [SMEs], and our compatriots abroad, especially those in [South] Korea, Thailand and Malaysia, to send money – via Wing,” he said.
He voiced appreciation to the ministry for the development of CambodiaTrade, which he said “is in line with the digital age, and on par with other countries in ASEAN and around the world”.
“Now, if we don’t change course, our markets and distribution channel will remain comparable with other countries,” Meng said.
Minister of Commerce Pan Sorasak said Wing’s continued participation will drive digital payments on the online marketplace once it kicks off, lauding the bank for its support during the times of Covid-19 lockdowns.
He said the ministry opened pre-registration for CambodiaTrade to local SMEs as part of its mid-June soft launch, in the hopes that these businesses would use the platform to export domestic wares and widen their markets – in the Kingdom and abroad.
The official launch ceremony will be held “soon”, he said.
“The establishment of CambodiaTrade.com is in line with the context of rapid technological evolution in Cambodia.
“Historically, we all depended on the export of Cambodian products to overseas markets through cross-border trade with trading partners. And those exports account for about 55 per cent of Cambodia’s gross domestic product [GDP].
“With the advancement of new technologies, many companies are shifting their business to e-commerce, selling on e-marketplaces and social media.
“E-commerce activity in Cambodia has also grown significantly, especially during the Covid-19 outbreak. Seeing the aforementioned development, the Ministry of Commerce has created the CambodiaTrade.com, tailoring opportunities to the benefit of SMEs.
“The goal of this initiative is to provide opportunities for SMEs to participate in e-commerce, as well as to create a new gateway for e-commerce enterprises to increase sales, boost exports, create jobs and generate more income for the people,” Sorasak said.
Wing CEO Han Peng Kwang said the partnership is designed with small businesses in mind to support the ministry’s e-marketplace, by allowing them to make and receive payments using Wing’s digital financial services in a convenient, fast and secure manner.
He said the ministry’s support and integration of Wing into the platform would boost cashless and digital payments in the Kingdom, and help local SMEs.
“Wing Bank is ready to use our digital financial service to support the Ministry of Commerce’s CambodiaTrade marketplace and help the SMEs to grow their business together.
“Together, we will build a vibrant digital economy and society by laying the foundations for promoting digital adoption and transformation in the community by promoting a new economic growth and improving the social welfare in this country in the post-pandemic era,” Han said.
