Wing Bank accelerates access to finance with digital loan surge
Wing Bank accelerates access to finance with digital loan surge
Wing Bank Digital Loan is advancing financial inclusion in Cambodia, setting a record of nearly one million loan applications in 2023 with the potential for further growth.
Wing Bank (Cambodia) Plc – one of the fastest-growing digital banks in Cambodia – has witnessed a stunning surge in its digital loan disbursement, more than doubling its initial targets and solidifying its position as a leader in the country's digital lending landscape.
Since launching in late 2022, Wing Bank Digital Loan has transformed Cambodia's lending landscape, recording nearly one million loan applications last year. Its total value reached 217 percent from its initial target.
The impact of this success has been significant, providing a much-needed financial solution for countless individuals and helping them address their financial needs.
The widespread adoption of Wing Bank Digital Loan is pivotal in supporting the Cambodian government's efforts to implement its Financial Technology (fintech) Development Policy for 2023-2028.
This policy aims to leverage the advantages of digital transformation in the financial sector and invigorate the country's socioeconomic landscape.
“The remarkable adoption of Wing Bank Digital Loan demonstrates the trust our customers have placed in us.
“Our groundbreaking use of artificial intelligence technology for instant decision-making and approving Digital Loans is part of our promise to provide relevant digital solutions for the needs of every Cambodian,” said Han Peng Kwang, CEO of Wing Bank.
Gone are the days of lengthy paperwork and in-person branch visits. Wing Bank Digital Loan eliminates the need for time-consuming processes, empowering Cambodians to secure loans in as little as three minutes, anywhere and at any time, through its user-friendly Wing Bank App.
Wing Bank Digital Loan is currently available to 1.4 million eligible customers, including users of Wing KHQR, Wing Bank's payroll service and the popular Wingmall e-commerce platform.
Eligibility is based on transaction history, showcasing the bank's dedication to leveraging digital data for efficient financial services.
“Utilising numerous data points greatly enhances our ability to model trustworthiness.
“This in turn facilitates the seamless assignment of credit scores and the extension of loans to customers who demonstrate deserving creditworthiness,” said Doeuk Daravuth, Wing Bank's Digital Lending Business Director.
With nearly 120,000 unique customers per year, those who have successfully applied for a digital loan more than once, Wing Bank has been instrumental in driving financial inclusion and preventing Cambodians from falling prey to loan sharks.
"We are delighted to witness the life-changing effects of our digital loans in improving the daily lives of every Cambodian by increasing access to credit," Daravuth added.
Applying for a digital loan is an effortless process through the user-friendly Wing Bank App, offering loans up to $50,000 with a competitive interest rate and a repayment term of up to three years. The more transactions users conduct through the Wing Bank App, the higher their eligibility for loan amounts.
Furthermore, Wing Bank has introduced a referral programme that enables participants to offer immediate financial support to friends, family and loved ones, while earning rewards for their invaluable assistance.
For every customer who successfully refers a new user who applies and qualifies for a loan, Wing Bank will reward that customer with a commission of 4,000 riel.
Wing Bank's exceptional achievement in exceeding digital loan targets highlights its commitment to delivering innovative financial solutions that empower Cambodians and promote financial inclusion.
The recognition Wing Bank received as “Best Digital Innovation Organization of the Year” at the Cambodia Digital Awards 2023 – organised by the Cambodia Academy of Digital Technology with the support of the Ministry of Post and Telecommunications – further emphasises its dedication to driving digital transformation in the Kingdom.
