Wing Bank and Farmer Cooperatives to Drive Safe Vegetable Production in CambodiaJune 7, 2023
Cambodian Muslim Development Foundation and Tasey Samaki Agricultural Cooperative can now access Wing Bank’s financial services to boost their farming operation.
Wing Bank joins forces with the Cambodian Muslim Development Foundation (CMDF) and Tasey Samaki Agricultural Cooperative (TSAC) to promote vegetable cultivation, foster inclusive growth, and boost food security in Cambodia.
The Memorandum of Understanding signing ceremony was graced by the esteemed presence of His Excellency Neak Okhna Othsman Hassan, Senior Minister in charge of Special Mission and President of the Cambodian Muslim Development Foundation. Also in attendance were Mr. Han Peng Kwang, CEO of Wing Bank, and Mr. Nop Non, the Chief of the Board of Committee of Tasey Samaki Agricultural Cooperative.
“This collaboration is a testament to our steadfast dedication to the progress of the Muslim community,” said His Excellency Neak Okhna Othsman Hassan. “With great financial support from Wing Bank and farming expertise from Tasey Samaki Agricultural Cooperative, we are creating opportunities for our community members to thrive and contribute to the overall development of society.”
Through this partnership, Wing Bank will extend its financial assistance to the Cambodian Muslim community for their farming operation. At the same time, TSAC will provide the technical expertise and knowledge to cultivate safe and nutritious vegetables catering to the surging market demand.
“We firmly believe that financial inclusion is a catalyst for positive change,” said Han Peng Kwang, CEO of Wing Bank. “By offering our financing options and innovative digital solutions to the farmers, we will enable them to scale up and increase their vegetable productions, therefore helping them generate higher income.”
Wing Bank boasts its largest ecosystem, which enables users to access the financial system and helps them manage their finances instantly, conveniently, and securely. Furthermore, they will be able to connect with consumers, ensuring that their vegetable produce reaches the market.
Nop Non, the Chief of the Board of Committee of TSAC, underscored the country’s high demand for safe vegetables as the current supply is insufficient to meet the domestic market.
“This collaboration is essential to close the market gap, boost vegetable production, support sustainable agriculture, and fulfill the growing demand for safe and nutritious produce,” he said.
TSAC – currently consisting of 172 farming households – specializes in cultivating high-quality vegetables in mesh greenhouses, minimizing the use of chemical agents. The cooperative also provides greenhouse construction services and training to fellow farmers, promoting knowledge exchange and skill development.
According to a 2020 study by the Cambodia Development Resource Institute, approximately 70 percent of the vegetables consumed in Cambodia are imported. This collaborative effort aims to reduce the country’s reliance on imports while improving the income of rural farmers. Furthermore, research supported by USAID reveals that vegetable farming in Cambodia provides profit margins per hectare that are three to fourteen times higher than traditional crops such as rice. Additionally, consuming fruits and vegetables plays a crucial role in reducing the risk of chronic diseases and promoting overall health and well-being.