Phnom Penh: CIMB Singapore and Wing Bank (Cambodia) Plc have entered a strategic partnership through a Memorandum of Understanding to enhance cross-border financial services and deepen economic collaboration between Singapore and Cambodia.
According to Agence Kampuchea Presse, this partnership, signed on June 2, represents a significant milestone in strengthening financial connectivity within ASEAN. It leverages CIMB Singapore’s regional expertise and Wing Bank’s local leadership to serve a broad spectrum of clients, including commercial enterprises, SMEs, and high-net-worth individuals.
Dr. Dmytro Kolechko, CEO of Wing Bank, stated that teaming up with CIMB Singapore allows them to bring world-class financial solutions to their customers while deepening Cambodia’s economic integration with Singapore. He emphasized that this partnership marks a pivotal step toward greater financial inclusion and cross-border opportunities.
The alliance aims to deliver seamless financial solutions by combining CIMB Singapore’s extensive regional expertise from its Singapore hub with Wing Bank’s deep-rooted presence in Cambodia. The collaboration reflects CIMB’s commitment to advancing financial inclusion and economic progress across ASEAN, as noted by Victor Lee Meng Teck, CEO of CIMB Singapore and CEO of Growth Markets.
The collaboration will offer tailored banking solutions, including deposits, loans, remittances, and trade finance, to support growing demand from cross-border businesses. A key focus is on empowering Cambodian SMEs, which account for 98 percent of businesses, 70 percent of employment, and 58 percent of GDP in Cambodia.
In 2024, Cambodia-Singapore trade surged to US$103 million, according to the General Department of Customs and Excise of Cambodia. This impressive growth of 101 percent year-on-year indicates intensifying economic synergy between the two nations. The partnership will further streamline financial services, enabling smoother cross-border transactions and business growth.
For high-net-worth individuals, the partnership will leverage CIMB Singapore’s hub, a leading ASEAN wealth management center, alongside Wing Bank’s local market expertise to offer sophisticated investment and wealth management solutions tailored to Cambodia’s evolving financial landscape. This sets the stage for a new era of Singapore-Cambodia financial integration, driving innovation, inclusion, and sustainable growth. By bridging two dynamic economies, CIMB Singapore and Wing Bank are paving the way for a more interconnected and prosperous ASEAN future.