Prudential partners with Wing Bank in bancassurance venture
Prudential partners with Wing Bank in bancassurance venture
Prudential Cambodia's life and health insurance products and solutions are now available at Wing Bank, signifying a significant step in expanding life insurance accessibility across Cambodia.
Prudential (Cambodia) Life Assurance Plc and Wing Bank (Cambodia) Plc on February 23, 2024, announced a strategic bancassurance partnership, one endorsed by the Insurance Regulator of Cambodia and the National Bank of Cambodia.
The strategic partnership aims to enhance the accessibility of life insurance and financial protection across Cambodia, leveraging the strengths of both institutions to provide a comprehensive range of financial services in the country.
Bancassurance, as defined by the National Bank of Cambodia, is a partnership between banks and insurers to sell insurance products through the bank's network.
The launch ceremony in Phnom Penh was honourably witnessed by H.E. Dr. Mey Vann, Secretary of State at the Ministry of Economy and Finance, and Secretary General of the General Secretariat of the Non-Bank Financial Services Authority, and H.E. Bou Chanphirou, Director General of the Insurance Regulator of Cambodia.
Heng Bomakara, First Deputy Director General of Banking Supervision at the National Bank of Cambodia, Huy Vatharo, Chairman of the Insurance Association of Cambodia, and Neak Okhna Kith Meng, Chairman of Wing Bank, and Chairman and CEO of the Royal Group of Companies, were also among the esteemed dignitaries present.
As were Han Peng Kwang, CEO of Wing Bank, Wilson Ma, Chairman of Prudential Cambodia and Group Director, Business Management, Strategic Business Group of Prudential Plc, and Mandar Hastekar, Interim CEO and CFO of Prudential Cambodia (CLM Hub), valued customers and distinguished guests.
“Our collaboration with Wing Bank marks a pivotal step towards financial inclusivity in Cambodia.
“It is about bringing together the strengths of banking and insurance to serve the heart of our community. This partnership is our commitment to securing a brighter, financially stable future for every Cambodian family.
“The partnership strategically blends Wing Bank's extensive branch network with Prudential Cambodia’s expertise in life insurance, aiming to prioritise the wellbeing and financial security of Cambodian families against unforeseen circumstances," said Mandar Hastekar.
Customers can now enjoy the convenience of purchasing Prudential policies directly at approved Wing Bank branches across Cambodia, facilitated by well-trained Wing Bank employees.
To commemorate the partnership, customers that purchase any insurance products from Prudential Cambodia through Wing Bank will be rewarded with a special interest rate for a 12-month term deposits placement for any amount.
They will also get a free PRUMySafety personal road accident insurance package that provides protection against road accidents for multiple types of vehicles, as well as other exclusive offers. However, this exclusive offer is available for a limited period of one month only, starting from February 23, 2024.
“This partnership is a significant move towards enhancing our financial protection offerings for customers, which in turn contributes to the stability and security of families and enterprises in Cambodia.
“With a shared purpose of providing robust financial stability to our community and consumers, our collaboration represents a critical step towards achieving our goal and empowering every Cambodian to enjoy a more secured and brighter future,” said Wing Bank CEO Han Peng Kwang.
Prudential Cambodia has been a pivotal entity in the Cambodian life insurance sector since its inception in 2013, boasting more than $259 million in assets under management.
One of Cambodia's fastest-growing digital banks, Wing Bank demonstrates its commitment to financial inclusion and empowerment with its wide range of innovative financial solutions and remarkable growth.
