JOINT PRESS RELEASE

Wing Bank Partners with Japan Remit Finance for Secure Money Transfers

Cambodians in Japan can send funds home with safety and security thanks to the new Wing Bank and Japan Remit Finance partnership

Tokyo, Japan, May 1, 2023 – Cambodians residing in Japan now have a reliable option to transfer money to their loved ones, thanks to a new strategic partnership between Wing Bank (Cambodia) Plc and Japan Remit Finance Co., Ltd.

The strategic partnership was established by a recently signed Memorandum of Understanding (MoU) between Wing Bank and JRF. The partnership will increase the remittance options available to Cambodians living in Japan, ensuring that they have a reliable, safe, and cost-efficient means of transferring money home.

Forming a new partnership

The MoU was signed on May 1, 2023, at the JRF office in Tokyo, by Vattanak Phakdey Chhun, the Deputy CEO of Wing Bank, and Hossain MD Sarwar, the President of JRF. The signing ceremony was presided over by H.E Tuy Ry, Ambassador Extraordinary and Plenipotentiary of the Kingdom of Cambodia to Japan, and was deemed an honorable event.

“We are tremendously excited about this new partnership. Collaborating with JRF allows us to offer reliable fund transfer services to the Cambodian community in Japan, in turn enabling them to better support their families back home. The move also expands our global footprint in the remittance market, a strategic priority for Wing Bank” said Vattanak Phakdey Chhun, Deputy CEO of Wing Bank.

The Cambodian community living and working in Japan is growing, and its members play a significant role in supporting their families in Cambodia, mostly via financial remittances. According to local media reports, as of February 2023, approximately 17, 000 Cambodians were employed in Japan.

“With our extensive network in Cambodia and JRF’s innovative remittance solutions, we are confident that we can make a positive impact on the lives of hardworking Cambodians and their families, by ensuring they have convenient and affordable access to their hard-earned money,” Vattanak Phakdey Chhun emphasized.

Japan and Cambodia

With the strategic partnership in place, Japan-based Cambodians can now enjoy a convenient and secure way to send money home. They can send money directly to their family’s Wing Bank account and receive a smartphone notification once it arrives – or opt for cash pick-up at any of the over 11,000 Wing Cash Xpress agents across Cambodia. The transfer fee starts as low as 1,000 JPY (about $7) per transaction, making it affordable and accessible.

Hossain MD Sarwar, the President of JRF, expressed his delight in partnering with Wing Bank to benefit Cambodian communities residing in Japan.

“By joining forces with Wing Bank, we are confident that we can make a significant difference in the lives of Cambodians living in Japan through our affordable and reliable remittance services,” he said.

Wing Bank has established itself as a fast-growing financial institution in Cambodia with its extensive network of over 11,000 agents and strategically located bank branches equipped with free ATM withdrawals. The bank has announced plans to expand its branch network across Cambodia in 2023, providing even greater accessibility to its products and services.

Wing Bank offers a diverse range of advanced financial products to meet the needs of its clients. These include loans, deposits, micro-savings, credit referral services, money transfers, utility and insurance payments, supply chain payments, payroll services, and even phone top-ups. With such a comprehensive range of services, the bank is well-positioned to meet the evolving needs of the Cambodian market.

JRF 10 year service in Japan

JRF, on the other hand, is an international remittance company that aims to establish itself as a sustainable and scalable player in the fintech industry. With over 10 years of experience in customer service, JRF has catered to more than 150,000 customers residing in Japan who seek to send money back home. The company has 12 offices across Japan, while its overseas branches operate in six different countries: Vietnam, the Philippines, the Republic of Korea, Malaysia, Canada, and Italy. As of January 2023, JRF’s services are available in over 160 countries.

Wing Bank and JRF are making concerted efforts to comply with international and local regulations in their operations, ensuring lawful transactions. The new partnership is now expected to yield a positive impact on the Cambodian community in Japan and beyond.