CEO: Jojo Malolos[/caption]
The smartphone, ubiquitous in all corners of the world, is proving a powerful tool for the promotion of financial inclusion. Even those only armed with not-so-smart mobile phones can easily access a whole range of banking services previously unavailable to all but the wealthiest people. As such, the mobile phone helps level – and democratise – the playing field: the device ends the marginalisation of people of modest means who may now safely, securely, and cheaply manage their money.
In Cambodia, Wing Specialised Bank has tapped into the vast universe of unbanked and under-banked people with a series of purpose-designed products aimed at meeting the requirements of customers not served by the country’s large commercial banks. Launched in 2009, Wing Specialised Bank started its corporate life as a mobile phone-based money transfer service. Soon the bank expanded its suite of products to include bill payments, and disbursement and payroll solutions for small and medium-sized enterprises (SMEs).
The bank also operates a vast nationwide network of over 5,000 Wing Cash Xpress outlets where its clients may complete transactions in person. Wing Specialised Bank is well on its way to fulfilling its corporate mission to provide every Cambodian with convenient access to formal financial services. The bank has also partnered with financial services providers in neighbouring countries in order to serve the large Cambodian diaspora.
The CFI.co judging panels commends Wing Specialised Bank on its achievements. The bank has remained true to its founding principles and is recognised for the excellence of its services – and the speed and unfailing precision with which transactions are processed. The judges agree to name Wing (Cambodia) Specialised Bank winner of the 2018 Best Social Impact Bank Cambodia Award.