The Ministry of Commerce on Monday signed a memorandum of understanding (MoU) with Wing Bank (Cambodia) Plc on easing payments for consumers trading on the ministry’s CambodiaTrade marketplace.
The partnership has a two-pronged approach – to make payments convenient, fast and secure for customers and promote digital financial literacy for small and medium enterprises (SMEs) in the Kingdom.
The MoU signing ceremony held at the ministry was presided over by Minister of Commerce HE Pan Sorasak and Royal Group of Companies chairman Neak Okhna Kith Meng.
“The signing of this MoU marks a special event in our cooperation with the private sector, in particular Wing Bank, to assist Cambodian SMEs in increasing economic opportunities by selling Cambodian-made products to both domestic and cross-border consumers and business partners – regardless of where you are, you can access Cambodian products,” said Sorasak.
The ministry rolled out CambodiaTrade for pre-registration by SMEs in mid-June of this year by providing them with a fully integrated platform that allows them to reach a broader market in the Kingdom and overseas, granting them access to the growing global digital economy.
The CambodiaTrade marketplace is an important part of the Go4eCAM project, which is implemented under financial support from the Enhanced Integrated Framework.
The marketplace is an initiative by the Ministry of Commerce aimed at increasing economic opportunities for SMEs by participating in e-commerce and the digital economy.
“This partnership allows us to contribute to the development of SMEs in Cambodia using digital payments. Digital payments are becoming increasingly popular around the world due to their ease and security,” said Wing Bank CEO Han Peng Kwang.
Wing Bank is widely known for its multi-function Wing Money App and the omnipresence of its Wing Cash Xpress outlets, with nearly 10,000 across Cambodia providing financial services every day.
Last year, Wing Bank worked with more 2,400 SMEs for collection and disbursement services.
Wing Bank will also extend digital financial literacy to SME members of CambodiaTrade by hosting free training and capacity building activities.
The Ministry of Commerce and Wing Bank will work together to boost digital commerce and digital payments in Cambodia.
