Value context and insight. lkm@koreatimes.co.kr
Woori to strengthen service in Cambodia
By Lee Kyung-min
By Lee Kyung-min
Woori Bank has signed a memorandum of understanding with Wing, a leading mobile banking service provider in Cambodia, to better serve Cambodians living here, the bank said Monday.
The move is part of Woori's strategy to strengthen its presence in the Southeast Asian country and identify a new source of growth amid the domestic market fast nearing saturation.
Through the cooperation, the bank plans to offer a real-time currency remittance service between the two countries in the latter half of 2019.
Cambodians living in Korea will be able to use the service after downloading an app created by the bank.
The service will be available to those who visit the bank, or via an ATM by entering a cell phone number or bank account number.
The service will help pay back loans taken out by foreigners from WB Finance, a Phnom Penh-based Woori corporate entity in Cambodia set up in 2003.
“Over 40,000 Cambodians live here in Korea, and the number is rising steadily,” a Woori official said.
“Closer cooperation with Wing and WB Finance will help Cambodians here use financial services without geographical restrictions,” he added.
Launched in 2009, the industry leader in Cambodia provides various services ranging from local money transfers, bill payments and online payment services.
Wing provides a full electronic payment service via a nationwide network of over 6,000 outlets. Its partners include 25,000 merchants in the country.