CSDS and Harvest III join hands with WingCommerce and Wing Bank
CSDS and Harvest III join hands with WingCommerce and Wing Bank
Wing Bank, WingCommerce, Harvest III and CSDS to empower Cambodian farmers with digital market access and digital banking solutions.
Wing Inter Logistic Technologies Co, Ltd’s WingCommerce, Wing Bank (Cambodia) Plc, Cambodia Standard Development & Supply (CSDS) and the Harvest III project have joined forces to empower the Kingdom’s farming communities with access to digital marketplaces and financial solutions.
The collaboration was formalised through a memorandum of understanding (MoU) signed in Phnom Penh on January 24, 2024.
The partnership allows members of Harvest III and CSDS to utilise the WingCommerce marketplace, including its reliable agriculture e-commerce platforms such Wingagri, to expand their market reach nationwide and secure financial aid from Wing Bank for their operations.
“We are committed to leveraging technology to create better employment opportunities, improve dietary patterns and enhance the overall wellbeing of our fellow Cambodians.
“Our commitment goes beyond business promises – it underscores our dedication to Cambodia’s heart and future, particularly its agriculture sector,” said Manu Rajan, CEO of Wing Inter Logistic Technologies.
Specialising in financial technology solutions, agricultural technology and logistics, WingCommerce serves the diverse needs of Cambodians through its Wingagri platform.
It also facilitates digital banking services, cash management and payment options, as well as access to supply chain financing and contract farming financing through financial institutions.
Through the collaboration, a farmer can access up to 100 million riel (around $25,000) in financial assistance from Wing Bank without the need for collateral, empowering them to enhance their farming businesses, explore new market opportunities and address immediate needs.
“We are dedicated to providing innovative banking solutions tailored to the specific needs of farmers, cooperatives and agribusinesses.
“Our goal is to contribute to a prosperous, sustainable and equitable future for all stakeholders involved in the Cambodian agriculture sector,” said Han Peng Kwang, CEO of Wing Bank.
Cambodian Standard Development & Supply, a fully fledged business procuring agricultural products from farmers in all of the Kingdom’s provinces, is crucial in meeting everyday needs in Phnom Penh and across the country.
The company also educates producers, consumers and stakeholders on adhering to food safety standards.
Harvest III, a five-year initiative funded by USAID, aims to promote sustainable and broad-based economic growth in Cambodia, focusing on increasing diversification and competitiveness within the agricultural sector, which holds a pivotal role in the Kingdom’s socio-economic development.
In 2023, Cambodia achieved remarkable export success, generating approximately $4.3 billion in revenue from exporting 8.4 million tons of agricultural products, according to the Ministry of Agriculture, Forestry and Fisheries.
A study conducted by USAID shows that nearly 61 per cent of the Cambodian population resides in rural areas, with 77 per cent of rural households depending on agriculture, fisheries and forestry for their livelihoods.
The collaboration between WingCommerce, Wing Bank, Cambodia Standard Development & Supply (CSDS) and Harvest III aims to provide farming communities with access to digital marketplaces and financial assistance, fostering growth and sustainability in the Kingdom’s agricultural landscape.
