Phnom Penh (FN), Jul. 12 – The Ministry of Industry, Science, Technology & Innovation (MISTI) has signed a memorandum of understanding (MoU) with Wing Bank (Cambodia) Plc to leverage the bank's advanced digital payment solutions for public service fee payments and to promote Science, Technology & Innovation (STI) initiatives in the Kingdom on Friday (Jul. 12).
The MoU signing ceremony was witnessed by Hem Vanndy, Minister of MISTI, and Neak Oknha Kith Meng, Chairman of the Board of Directors of Wing Bank and CEO of the Royal Group of Companies.
All enterprises and businesses will soon have the ability to conveniently pay public service fees and other payments to MISTI through Wing Bank's digital payment solution, ensuring instant and efficient service.
Pech Sorya, Director General of the General Department of General Affairs at MISTI, said, “digital payment solutions play a crucial role in driving financial inclusion and empowering enterprises and businesses.”
“Through our partnership with Wing Bank, we aim to leverage digital technologies to enhance accessibility and efficiency in payment systems, enabling businesses of all sizes to thrive in an increasingly digital economy,” Pech Sorya added.
The MoU aims to promote digital payments among small and medium enterprises (SMEs) and businesses nationwide. Wing Bank's financial services, including its KHQR payment system, will facilitate seamless transactions, thereby enhancing the process of paying public service fees and others. This payment method is convenient, saves time, and reduces the cost of travel for the payers.
Hor Bunthe, Deputy CEO of Wing Bank, expressed gratitude for being entrusted with this initiative, stating, “We are deeply honored by MISTI’s trust in Wing Bank to facilitate this significant initiative. This partnership underscores our commitment to driving innovation and financial inclusion across Cambodia.”
Both MISTI and Wing Bank will work closely to provide capacity building on tech innovation to the SMEs' members, thereby helping them grow their businesses better.
Furthermore, this collaboration aligns with the government’s STI Roadmap 2023, which aims to strengthen Cambodia’s technological capabilities and improve innovation performance, crucial for achieving upper-middle-income status by 2030 and high-income status by 2050.
Wing Bank and MISTI share a common vision through their collaborative efforts to advance Cambodia's economic and technological landscape, striving to unlock new possibilities and drive innovation-led growth in the country.
At the heart of Wing Bank's innovation-driven approach are the multi-function Wing Bank App, over 11,000 Wing Cash Express Agents, 80 Wing Master Agents, and its state-of-the-art bank offices located across Cambodia.
After 16 years of serving Cambodians, Wing Bank's commitment to innovation is evident in its diverse range of services, benefiting approximately 165,000 merchants, 10 government institutions, 3,000 SMEs, and around 600 businesses. The bank has solidified its position as a trusted partner for businesses of all sizes with its cutting-edge banking services, including digital payment and payroll solutions.
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