CIMB Singapore and Wing Bank (Cambodia) Plc have entered a strategic partnership through a Memorandum of Understanding (MoU) to enhance cross-border financial services and deepen economic collaboration between Singapore and Cambodia.
This partnership represents a significant milestone in strengthening financial connectivity within ASEAN, leveraging CIMB Singapore's regional expertise and Wing Bank's local leadership to serve a broad spectrum of clients-from commercial enterprises and SMEs to high-net-worth individuals.
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“Teaming up with CIMB Singapore allows us to bring world-class financial solutions to our customers while deepening Cambodia's economic integration with Singapore,” said Dr. Dmytro Kolechko, CEO of Wing Bank. “This marks a pivotal step toward greater financial inclusion and cross-border opportunity.”
The alliance combines CIMB Singapore's extensive regional expertise from its Singapore hub with Wing Bank's deep-rooted presence in Cambodia, aiming to deliver seamless financial solutions for commercial banking clients, SMEs, and high-net-worth individuals.
Victor Lee Meng Teck, CEO of CIMB Singapore and CEO of Growth Markets, added: “Our collaboration with Wing Bank reflects CIMB's commitment to advancing financial inclusion and economic progress across ASEAN. Together, we will unlock new value for customers and strengthen the Singapore-Cambodia financial corridor.”
The collaboration will deliver seamless, tailored banking solutions, including deposits, loans, remittances, and trade finance to support growing demand from cross-border businesses. A key focus is to empower Cambodian SMEs, which form the backbone of Cambodia's economy-accounting for 98% of businesses, 70% of employment, and 58% of GDP.
In 2024, Cambodia-Singapore trade surged to USD 103 million according to General Department of Customs and Excise of Cambodia–an impressive growth of 101% year-on-year, and a clear sign of intensifying economic synergy. This partnership will further streamline financial services, enabling smoother cross-border transactions and business growth.
For high-net-worth individuals, the partnership will leverage CIMB Singapore's hub-a leading ASEAN wealth management center-alongside Wing Bank's local market expertise to offer sophisticated investment and wealth management solutions tailored to Cambodia's evolving financial landscape.
This landmark alliance sets the stage for a new era of Singapore-Cambodia financial integration, driving innovation, inclusion, and sustainable growth. By bridging two dynamic economies, CIMB Singapore and Wing Bank are paving the way for a more interconnected and prosperous ASEAN future.
For more information, please visit: https://www.wingbank.com.kh/en/category/company-news/
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SOURCE Wing Bank (Cambodia) Plc
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