Neak Okhna Kith Meng, Chairman and CEO of Royal Group of Companies, extraordinary investor, savvy businessman and owner of one of the country’s most successful remittance businesses, spoke to Khmer Times for an exclusive interview in conjunction with the Official Launch of his latest project, Wing Bank. The following is the full transcript of the interview.
Transform Wing Specialized Bank into a full-fledged commercial bank
A bank for every Cambodian has always been my dream. The barriers to full financial inclusion in our country had to be addressed in stages. Mobile network operators like Cellcard have done an excellent job under the leadership of MPTC to ensure that almost all Cambodians have access to a mobile phone, at very short notice.
When we launched Wing 13 years ago, it was with the vision of providing every Cambodian with convenient access to relevant mobile financial services and for the improvement of their daily lives. Today, after 13 years in business, Wing has become one of the most trusted and widely used brands in the financial services industry in Cambodia.
For me, this unparalleled reach, trust and cost-effective way of serving a customer needed to be leveraged to drive full financial inclusion in Cambodia. More often than not, the cost of operating a traditional banking network prevents it from serving customers in all regions of the country. Wing, with its vast digital ecosystem, partners and use cases, can help anyone in Cambodia live a 100% digital life effortlessly and securely. Adding products and services that only a commercial bank could offer to this vast digital ecosystem of use cases helps provide every Cambodian with easy access to savings and loan products as well as the now famous money transfer and payment from Wing.
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Wing rightly positions itself as the bank for all Cambodians. Only a large financial services institution of Wing’s size and reach could say that. And that is exactly Wing Bank’s unique differentiation.
Improving the solvency of Wing Bank
Over the years, Wing’s money transfer and payments business has helped millions of Cambodians reduce money transfer friction. The more than 10,000 Wing agents across Cambodia ensured easy access to financial services.
My vision for Wing Bank is to remove the frictions that exist by providing easy access to financial services to deserving Cambodians and in doing so, to bring every Cambodian into the formal financial sector and provide them with easily accessible, highly ambitious solutions. and extremely affordable.
Wing Bank will use advanced technologies provided by world-class partners to reduce the cost of banking and reduce loan processing times. Wing Bank will offer innovative and attractive savings products that will not only allow every Cambodian to plan for their financial needs, but will also help them build their creditworthiness through every transaction they make using the Wing Bank ecosystem. The more they use Wing Bank services, the closer they come to building up their credit scores to qualify for Wing Bank fast loans.
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Wing Bank uses modern AI and ML technologies for effective and efficient loan decision. The fastest loan decision on the Wing Bank app will happen in less than 5 minutes.
We are also introducing products that use technology to solve some problems that bank users have always faced. An example is the Mastercard without a number. It is the first anti-theft and 100% digitally secure bank card available today in the country. Customers do not need to worry about the security of their money in their Wing Bank accounts when using their Wing Bank Numberless card, as the card does not contain any information that can be stolen. Even if the card is stolen or lost, the money in their accounts will be 100% safe and they can also deactivate the card with the click of a button on their Wing Bank app.
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It’s technology in play for peace of mind.
Wing Bank has always been a big supporter of Green Banking. Thus, the cards without number will be available in Metal-Inlay version as well as in biodegradable version. We also have an antibacterial Mastercard for our customers for their safety considering the times we live in.
Become a great commercial banker in addition to becoming a very successful diversified business tycoon
I recently mentioned on my social media page that you should never step into a permanent comfort zone in life. One should always strive harder than they have in the past. There is always room for improvement in their respective fields. I have always tried to contribute more and more to my country through the Royal Group. Every day we strive to improve ourselves and try to offer more innovative products, services and solutions to improve the lives of every Cambodian.
Keeping the customer at the center of everything we do is what has given Wing Bank the success and trust it enjoys today. When you serve people in the financial industry, you must constantly work hard to find new and better ways to improve their daily lives. The banking sector is changing the way it operates across the world. It breaks down the barriers of time, distance and societal prejudice. Technology has digitally and efficiently reduced the cost of serving customers even in the most remote locations. Wing Bank will bring state-of-the-art banking technologies to Cambodia to serve our customers and help foster financial, gender and digital inclusion.
Value, mission and vision of Wing Bank
Wing Bank’s vision is to provide every Cambodian with convenient access to relevant digital solutions for the improvement of their daily lives.
We believe in providing practical, relevant choices and solutions with the goal of improving the lives of Cambodians. Whether in financial services, money transfer or the daily needs they have. Wing Bank, with its vast digital ecosystem, will provide every Cambodian with technologically advanced products and services that will help them live a 100% digital life, conveniently and securely. And for customers who prefer to visit a Wing Bank branch, we will have many across the country where they can benefit from the unparalleled customer service and service of Wing Bank staff.
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Major role and contribution of Wing Bank for individuals and for the country’s banking sector and economy
Digitalization is transforming the banking sector in developing countries and removing the many barriers that have traditionally stood in the way of fostering financial inclusion in these countries. Wing is a pioneer and one of the most awarded fintech companies in the world. We expect Wing Bank to be no different.
Wing Bank has one of the largest digital payments ecosystems. You can pay utility bills, make payments, transfer money for free, send money abroad at the lowest rates, recharge your phone, pay off your loans, pay your insurance premiums, travel on city buses, pay for tuk-tuk rides, book and pay for taxis, buses and ferries, make online payments, create and use Mastercard and Visa accounts on the Wing Bank app and make payments across the world, and pay digitally at national and international merchants, donate to charity, pay for e-commerce and social commerce and much more. Wing Bank has created over 80 customer journeys in the Wing Bank app to help enable digital transactions for all segments of people in Cambodia in any currency.
Today, a Wing Bank account holder can live a 100% digital life without having to use physical money thanks to these use cases, partnerships and great ecosystems for digital transactions that Wing Bank has created. We expect Wing Bank to drive financial, gender and digital inclusion in Cambodia in the coming days.
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Venture into Wing Bank
Wing was established in 2008, as a third-party processor licensed money transfer business and transformed into a specialty bank in 2014, and finally obtained a commercial banking license at the end of 2020, under the watchful eye of the National Bank of Cambodia (NBC). Since then, Wing has revolutionized the way Cambodians access financial services by introducing instant, secure and convenient mobile financial services. Wing’s popularity with rural and urban Cambodians and the underbanked has helped the company solidify its position as a market leader.
Wing Bank has been at the forefront of promoting financial, gender and digital inclusion in Cambodia through the continuous introduction of innovative products and solutions aimed at improving people’s lives. Over 80% of Wing’s agents, 1 in 3 Wing employees, and over 50% of customers are women, making Wing a shining example of gender inclusion in the region. Wing has also helped increase the use of Khmer Riel in the economy through its in-built currency converter that helps customers transact in the currency of their choice. Our continued focus on providing user-friendly and digital options for using Khmer Riel has paid generous dividends, with the total value of Riel transactions on the Wing network crossing the 50% mark in 2021!
We believe the time is right to use the superior technology and vast ecosystem that Wing has built over these years to provide easy and frictionless access to funding for deserving Cambodians. Much like how Wing revolutionized the way payments and transfers were made, we expect Wing Bank to use the new commercial banking license to provide tailored financial solutions for all segments of the Cambodian economy. , from the banked to the unbanked, from MSMEs to businesses and from the young to the elderly, while remaining focused on our vision to improve the lives of every Cambodian.
Opportunity to diversify into investment and/or private banking
Since Wing Bank’s vision is to be the bank for every Cambodian, I will always be open to exploring new ways and solutions to serve our banking customers. Therefore, if our clients have a need for investment and private banking, I will definitely consider it.
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25-story wing bank headquarters
Wing Bank’s head office, namely Wing Tower, located at the intersection of Preah Monivong Blvd and Kampuchea Krom Blvd, will be a 25-storey tower and is expected to be ready in 2023. It will have state-of-the-art facilities and house the teams of Wing Bank and Royal Group.
- Key words: Kith Meng, Wing Bank