CIMB Singapore and Wing Bank (Cambodia) Plc have announced a strategic partnership through a memorandum of understanding (MoU) to enhance cross-border financial services between Singapore and Cambodia. This collaboration seeks to deepen economic ties within ASEAN by leveraging CIMB’s regional expertise and Wing Bank’s local leadership.
The alliance is set to deliver seamless financial solutions for a diverse range of clients, including commercial enterprises, small and medium-sized enterprises (SMEs), and high-net-worth individuals. Dr. Dmytro Kolechko, CEO of Wing Bank, stated, “Teaming up with CIMB Singapore allows us to bring world-class financial solutions to our customers whilst deepening Cambodia’s economic integration with Singapore.”
Victor Lee Meng Teck, CEO of CIMB Singapore, highlighted the importance of this partnership, noting, “Our collaboration with Wing Bank reflects CIMB’s commitment to advancing financial inclusion and economic progress across ASEAN.”
A key focus of the partnership is to empower Cambodian SMEs, which account for 98% of businesses, 70% of employment, and 58% of GDP in Cambodia. The collaboration will offer tailored banking solutions, including deposits, loans, remittances, and trade finance, to support the growing demand from cross-border businesses.
In 2024, trade between Cambodia and Singapore surged to $103 million, marking a 101% year-on-year growth. This partnership aims to further streamline financial services, facilitating smoother cross-border transactions and business growth.
For high-net-worth individuals, the partnership will leverage CIMB Singapore’s wealth management capabilities alongside Wing Bank’s local expertise to offer sophisticated investment solutions tailored to Cambodia’s evolving financial landscape. This alliance marks a significant step towards a more interconnected ASEAN, fostering innovation, inclusion, and sustainable growth.
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