Wing Bank and Ministry of Economy and Finance sign MoU on digital economy and financial technologyJanuary 10, 2024
Ministry of Economy and Finance, represented by H.E. Dr. Kong Marry, Secretary of State of the Ministry of Economy and Finance, and Wing Bank (Cambodia) Plc., represented by Mr. Han Peng Kwang, CEO of Wing Bank, and Neak Oknha Kith Meng, Chairman of Wing Bank and Chairman and CEO of the Royal Group of Companies, signed a Memorandum of Understanding (MoU) on “Collaboration Within the Framework of Digital Economy and Financial Technology Development in Cambodia” presided over by H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance. The MoU signing ceremony was attended by the management from the Ministry of Economy and Finance, Royal Group of Companies, Wing Bank, and representatives of private sector, including financial institutions, associations, and other relevant institutions.
The aim of the MOU is to promote and support the development of the digital economy and financial technology in accordance with the policies, strategies, laws, and regulations in force in the Kingdom of Cambodia. H.E. Dr. Kong Marry highlighted the importance of the private sector’s role in engaging with the Royal Government for the development of Cambodia’s digital economy and society, and encouraged further collaboration to establish a model of synergy and co-creation to promote the creation of new innovative products or services based on technology and innovation. Neak Oknha Kith Meng expressed his enthusiasm and great willingness to join hands with the Royal Government in promoting the development of Cambodia’s digital economy and financial technology. Neak Oknha Kith Meng said, “The collaboration between Wing Bank and the Ministry of Economy and Finance is a testament of an important collaboration between government institution and the private sector in promoting the economy and better living conditions for the Cambodians. Boosting the digital economy is not only an investment in technology but also a joint vision to provide access to digital solutions that enhance the Cambodian people’s daily lives and financial well-being.”
Previously, in an effort to contribute to the promotion of Cambodia’s digital economy and society, the Ministry of Economy and Finance and Wing Bank have also closely collaborated in many projects, especially in the field of startup and financial technology, including acceptance of bank guarantees, contract implementation in public procurement, e-payment solution on the Online Business Registration Portal and for non-tax and tax revenue collections, and payroll solutions.
The collaboration between the Ministry of Economy and Finance and Wing Bank is now another turning point, which will allow both institutions to promote and expand better collaboration through knowledge and experience sharing, participation in the use of digital platforms which are the key support to the digital economy and financial technology sectors in Cambodia, and the support to other activities and programs, both financial and non-financial.