WING and Mastercard Collaborate to Accelerate Financial Inclusion in Cambodia

Tweet: Mastercard & @WingCambodia launch virtual prepaid card in #Cambodia Read here: http://mstr.cd/2FipwJS

Mastercard and Wing Limited Specialised Bank (Wing), a leading mobile banking services provider in Cambodia, launched the Wing Online Mastercard today. The virtual prepaid card marks a new milestone towards greater financial inclusivity and economic growth in Cambodia.

With the Wing Online Mastercard, more Cambodians now have access to a range of safe and convenient payment services that were previously out of reach. Using the Wing mobile application, cardholders simply top up their Wing accounts and shop at any online store displaying the Mastercard logo. It can be used in Cambodia with local partners, as well as with merchants around the world.

Providing cardholders in Cambodia with an electronic ticket to a global marketplace, Mastercard’s partnership with Wing augments a shared commitment to support economic growth in Cambodia and the wider region. Research by the Asian Development Bank indicates that implementing digitally-driven financial inclusion solutions could boost Cambodia’s Gross Domestic Product by 6 percent[1].

“This is a significant step for Wing, our vision is to provide Cambodians with convenient access to financial services for the improvement of their daily lives,” said Jojo Malolos, Wing’s Chief Executive Officer.

“With the launch of the Virtual Online Mastercard, we are able to offer users flexibility, versatility and simplicity while opening doors to new experiences in Cambodia and beyond. We believe it is the start of transforming the way our customers shop.”

He added, “We are always looking for innovative and exciting new products or services to offer our customers, who remain at the heart of our business.”

Arn Vogels, Country Manager for Indochina, Mastercard said, “In emerging markets like Cambodia, access to safer, more seamless payments systems is key to unlocking inclusive growth. According to research from Oliver Wyman and the Asian Development Bank, nearly 87 percent of adult consumers in Cambodia do not have bank accounts[2]. Technologies like the Wing Online Mastercard provide a democratic gateway for the financially marginalized to participate in global commerce.”

He also noted, “Underpinning the government’s agenda to implement a cashless economy, we value working with local partners like Wing to extend the benefits of electronic payments to consumers. Those who previously might have only carried cash now have more inclination to adopt digital payments. This aligns with our commitment to simplify, streamline and secure payments experiences.

Latest projections from the International Monetary Fund indicate that Cambodia has tracked a leap in Gross Domestic Product by 6.9 percent in 2017[3]. As its economy develops, so have consumers’ appetites for travel and international retail. Catering to this development, the Wing Online Mastercard is accepted at global online shopping platforms including Amazon, Alibaba, AliExpress, Taobao and eBay, as well as travel websites such as Booking.com and Expedia.

The launch of the Wing Online Mastercard marks the first milestone in the partnership between Wing and Mastercard. As part of a shared strategy to further expand Cambodia’s payments ecosystem, plans to launch a physical Wing Prepaid Mastercard will be announced later in the year.

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About Wing
Wing (Cambodia) Limited Specialised Bank is Cambodia’s leading mobile banking services provider committed to financial inclusion for the unbanked and under-banked. Wing is also one of the few specialised banks in the world.

Launched in 2008, Wing provides ways for Cambodians to send and receive money anytime and anywhere using a mobile phone.

Wing’s innovative products and services have also allowed every Cambodian access to financial services such as local money transfer, phone top up, bill payment and Wing Ket Luy (payments using a Wing card at retail shops).

Wing has a nationwide network of 5,000 Wing agents and over 10,000 merchant partners around the country.

Wing also provides payment solutions to the corporate sector via our enterprise services, including payroll and disbursement services.

About Mastercard
Mastercard (www.mastercard.com), is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau. 

Communications Contacts

Venture Liang, +65 6390 5793
Venture.Liang@Mastercard.com
Lotika Mehta, +65 6825 8046
lmehta@webershandwick.com

[1] Source: Oliver Wyman, The Asian Development Bank: Accelerating Financial Inclusion In South-East Asia With Digital Finance
[2] Source: Oliver Wyman, The Asian Development Bank: Accelerating Financial Inclusion In South-East Asia With Digital Finance
[3] Source: The International Monetary Fund: Cambodia at a Glance