South Korea’s Woori Financial Group has joined hands with Cambodia’s leading mobile banking services provider Wing to offer real-time overseas remittance service.
Under the business partnership agreement signed on Monday, Woori Financial Group’s flagship lender Woori Bank will launch real-time overseas remittance services for consumers in Korea and Cambodia in the second half of this year. Following the launch of the service, Cambodians who live in Korea will be able to transfer money to their home country on a real-time basis using Woori global banking app or by visiting bank branch or using automated machines with only an account number and mobile phone number.
The service will also enable foreign customers who have received loans from WB Finance, Woori Bank’s Cambodia unit, to repay the loans on a real-time basis with funds remitted from Korea to Cambodia. Woori Bank plans to further expand partnership with Wing and introduce additional services related to new deposits, account transfers, and utility bill payment.
Wing, a mobile payments provider in Cambodia, provides money transfer, mobile payment, and mobile top up services through about 6,000 branches in the country. The company also enables its users to send their remittances in small amounts in Australia, Singapore, Hong Kong, Japan, and Thailand.
Woori Bank noted that there are about 40,000 Cambodians living in Korea and their population is growing every year. It will expand business ties with Wing so that Cambodians living in Korea can easily handle banking operations.
In a separate deal, Woori Bank in April also signed an agreement with telecommunication services provider SK Telink Co. to expand digital services in Vietnam. Under the agreement, Woori Bank Vietnam and SK Telink’s local entity will provide services in which consumers that purchase mobile devices from offline platform will be offered simple mobile installment finance services.
The lender also plans to go after consumers planning to buy new handsets based on big data and use independent credit evaluation model to sell credit loans and mobile installment finance products to consumers.
By Lee Seung-hoon and Lee Eun-joo