Wing Bank and Infinity General Insurance sign MoU to collaborate on driving financial inclusionMay 25, 2023
The partnership between Infinity and Wing Bank aims to contribute to a more financially robust Cambodia with increased access to insurance.
Infinity General Insurance Plc – the Kingdom’s second-largest general insurance company and the largest Cambodian-owned insurance company – has entered into a memorandum of understanding (MoU) with Wing Bank (Cambodia) Plc.
The agreement between Infinity and Wing Bank – one of the fastest-growing commercial banks in Cambodia – will see both companies work together and explore a range of potential collaborations to create an environment to distribute various general insurance products through the established distribution network of Wing Bank.
“The signing of this collaboration will bring many advantages to customers and to people in Cambodia,” said Han Peng Kwang, Wing Bank CEO.
“In addition to the banking products and services Wing Bank already provided, customers will now be able to inquire and purchase a wide range of general insurance products when they visit any Wing Bank branch,” he added.
Bancassurance has become a crucial factor in the growth of Cambodia’s insurance market, accounting for 40% of total sales in 2022.
By 2030, Bancassurance will be an important channel distribution to distribute insurance products under the “Cambodia Strategic Development Plan for Insurance Sector 2021-2030” launched by the Insurance Regulator of Cambodia.
Through this collaborative partnership, both entities look forward to contributing to a more financially robust country, one allowing its people to thrive and enjoy life to the fullest.
“This partnership between Wing Bank and Infinity will allow Wing customers to benefit from numerous bancassurance services, such as receiving risk analysis, expert insurance advice, financial planning assistance, and easy purchasing options,” said Han Peng Kwang.
“They will also benefit from learning more about the general insurance products that could benefit them.”
Infinity General Insurance has been a leader in forging strategic partnerships and collaborations to extend its reach in the market.
Its recent successes are evident in market reports, which show Infinity’s achieved a market share of 12.3% in the general insurance sector, with 20.5% premium growth in the year 2022.
And Su Tieng Teck, the CEO of Infinity General Insurance, emphasized the importance of collaborations in aligning with Infinity’s vision.
“This new business collaboration exploration will further bolster our commitment to providing financial risk protection for all Cambodians,” he said.
“We aim to leverage Wing Bank’s robust presence across the Kingdom to increase access to insurance no matter where Cambodians live and work. Our focus is on broadening product information and offerings based on livelihood and affordability.”
“This collaboration with Wing allows us the opportunity to disseminate general insurance information to all communities via Wing Bank’s branches across the country.”
Wing Bank aims to be the bank for every Cambodian by offering digital solutions to improve their lives – providing instant, secure, and convenient financial services to all of Cambodia through a unique model of assisted digital transactions using agents. It has 100% coverage of all districts in Cambodia and has driven financial, gender, and digital inclusion. Wing Bank focuses on providing digital solutions to enhance the lives of all Cambodians, aiming to become a bank accessible to every Cambodian.