CSDS and Harvest III Join hands with Wing Commerce & Wing BankJanuary 24, 2024
Wing Bank, Wing Commerce, Harvest III, and CSDS empowers Cambodian farmers with digital market access and digital banking solutions.
Phnom Penh, January 24, 2024 – WingCommerce of Wing Inter Logistic Technologies Co., Ltd, Wing Bank (Cambodia) Plc, Cambodia Standard Development & Supply (CSDS), and Harvest III project have joined forces to empower Cambodian farmer communities with access to digital marketplaces and financial solutions.
The collaboration, formalized through a Memorandum of Understanding, allows members of Harvest III and CSDS to utilize WingCommerce marketplace, including its reliable agriculture e-commerce platforms such as 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 well-being of fellow Cambodians,” stated Manu Rajan, CEO of Wing Inter Logistic Technologies Co., Ltd.
“Our commitment goes beyond business promises; it underscores our dedication to Cambodia’s heart and future, particularly its agriculture sector,” Rajan added.
Specializing 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, facilitating access to supply chain financing and contract farming financing through financial institutions.
Through this collaboration, a farmer can access up to 100 million Riel 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,” said Han Peng Kwang, CEO of Wing Bank.
“Our goal is to contribute to a prosperous, sustainable, and equitable future for all stakeholders involved in the Cambodian agriculture sector,” emphasized Han.
Cambodian Standard Development & Supply Co., Ltd, a full-fledged business procuring agricultural products from farmers across 25 provinces, is crucial in meeting the everyday needs in Phnom Penh and various provinces. The company also educates producers, consumers, and stakeholders about 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 agriculture sector.
The agricultural sector holds a pivotal role in Cambodia’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, as the Ministry of Agriculture, Forestry, and Fisheries reported.
A study conducted by USAID revealed that nearly 61 percent of the Cambodian population resides in rural areas, with 77 percent of rural households depending on agriculture, fisheries, and forestry for their livelihoods.
The collaboration between WingCommerce, Wing Bank, Cambodia Standard Development and Supply (CSDS), and Harvest III aims to provide farmer communities access to digital marketplaces and financial assistance, fostering growth and sustainability in Cambodia’s agricultural landscape.