MoneyGram has announced a partnership with Cambodian bank Wing on a digital wallet venture that will allow funds to be deposited directly into customers’ accounts.
“With 80 percent of our online transactions being made on a mobile device, we are looking to provide even more options for our customers using our digital platforms,” said MoneyGram President and CEO Alex Holmes. “Wing is at the forefront of mobile money and electronic payments, and this mobile wallet tool will serve as a valuable asset for the under-banked in Cambodia, allowing consumers to conveniently and reliably send money across digital boundaries from anywhere.”
Customers will be able to receive and send money easily through the Wing Money app, and they’ll be able to get cash out of the more than 7,000 WING cash Xpress locations throughout the whole country.
“It's our commitment to provide every Cambodian with convenient access to mobile financial services relevant to, and for the improvement of, their daily lives,” said Wing Chief Executive Officer Manu Rajan. “Our partnership with MoneyGram has allowed us to increase our global presence and keep friends and family from around the world connected. MoneyGram is an innovative company and their omnichannel strategy helps give these customers more choice. This new service is just one more example of how we never stop working to provide the people of Cambodia with the best products and services possible.”
Cambodian migrant workers sent about $1.4 billion back into their home country last year, according to the National Bank of Cambodia, and that number is only going to get bigger as more and more Cambodians continue to work abroad.
Wing was founded in 2009 as a way to include Cambodia’s unbanked and underbanked population participate in the financial system in the country, and it provides services like money transfers, bill payments and phone top-ups.