Wing Bank and Korea’s SentBe team up to provide cross-border remittance services from South Korea to CambodiaMay 25, 2023
The partnership will bring significant benefits by offering an efficient, secure and cost-effective means for Cambodians residing in South Korea to send money back home.
Wing Bank (Cambodia) Plc – the bank for every Cambodian – has recently signed a Memorandum of Understanding (MoU) with South Korean fintech firm SentBe Inc to offer cross-border remittance services. The collaboration will benefit Cambodians working in South Korea by providing an efficient, secure and cost-effective way to send money back home.
The MoU signing ceremony took place at SentBe’s headquarters in Seoul, the South Korean capital. Vattanak Phakdey Chhun, Deputy CEO of Wing Bank, and Alex Seong-Ouk Choi, the CEO of SentBe, signed the MoU, marking the official launch of the collaboration.
Cambodians residing in South Korea can now easily transfer funds via account-to-account, allowing their families to receive cash directly into their Wing Bank accounts, which they can view through the Wing Bank app. If they prefer cash pick-up, an eight-digit code will be provided, which their family can use to withdraw the funds at any Wings near them.
“We are thrilled to work with SentBe,” said Vattanak Phakdey Chhun. “We believe our collaboration will benefit the many Cambodian workers in South Korea who need fast and secure remittance services.”
Recent figures from the Kingdom’s Ministry of Labour and Vocational Training reported by local media showed there were around 46,000 Cambodians, 23 percent of them women, working in South Korea. These workers are estimated to send home a whopping $500 million per year in remittances.
“We understand the sacrifice and hard work that goes into sending money back home. That is why we are committed to ensuring their hard-earned money is sent home safely and conveniently, with our Wing Bank App and Wing Cash Express available throughout Cambodia,” Vattanak Phakdey Chhun said.
All SentBe account users will enjoy up to two free transactions as part of a special promotion offer.
Alex Seong-Ouk Choi, CEO of SentBe, has highlighted the company, stating that SentBe is a foreign exchange provider with an in-house Legal & Compliance division, offering overseas remittance and payment services to both individuals and businesses.
“The vision of Wing Bank, which aims to provide equal financial services to everyone, is aligned with the corporate direction of SentBe. We anticipate great synergy by leveraging SentBe’s differentiated competitiveness and Wing Bank’s regional infrastructure,” he said.
Established in 2015, FX total solutions provider ‘SentBe’ is a global fintech company that specializes in foreign exchange services. They provide lower fees, faster transfer speeds, and simpler processes, making them a national market leader in international money transfer. SentBe offers diverse financial offerings such as C2C and B2B services. The company is committed to the UN Sustainable Development Goals by solving financial problems that alienate migrant workers and businesses by 2030.
Wing Bank has a strong presence in Cambodia with many branches strategic locations equipped with ATMs for free withdrawals. More branch offices are expected to open across Cambodia in 2023.
Both companies share the common vision of promoting economic development through cross-border remittance services, which enable greater access to finance. They are fully committed to maintaining the highest standards of service quality to ensure a reliable and trustworthy remittance experience for their customers.