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Wing Bank is Committed to Promoting the Cambodian Riel via its Financial Ecosystem
The national currency – the Cambodian Riel, with the currency code “KHR” – is crucial in building the Kingdom’s economy and bringing it greater independence and resilience, especially during post Covid-19 pandemic.
“The riel represents the strength of Cambodia’s growing economy, and every usage of the riel helps improve the monetary sovereignty of the Kingdom,” said Han Peng Kwang, CEO of Wing Bank.
“Our vision is to provide every Cambodian with convenient access to digital and financial solutions that are relevant to and improve their daily life.
“We are committed to continuing to improve and increase the usage of KHR currency among our users.”
Wing Bank has been actively boosting the usage of the riel via its extensive financial network, which includes some 11,000 Wing Cash Xpress outlets, its 10 Wing Bank branches across the country and the multi-functional Wing Bank ATMs.
Customers can cash in, cash out and process their financial transactions all in riel.
Opening a KHR account at the Wing Bank network is just as easy as opening a USD account, and money in a Wing Bank KHR account can be transferred seamlessly to any other account irrespective of whether it is a KHR or USD account.
“We promote the use of riel transactions by encouraging the creation of separate KHR accounts for all partners and providing every registered user with an option to open the KHR accounts,” Han said.
The locally owned Wing Bank reported strong growth in riel transactions in its financial network last year.
In 2022, Wing Bank grew the riel transaction value in its network by a further 4% to reach 51% of the total transaction value, while over 52% of all registered Wing Bank users have a KHR account.
More than one third of all Wing Bank Account transactions and more than half of all Wing Cash Xpress Agent transactions were carried out in riel in 2022 – an increase of 3% and 12% respectively compared to the previous year.
And with Wing Bank’s payroll services, both currency options are made available to employers. They can choose to disburse the employees’ salaries in either USD or KHR according to their preference and convenience. Today, approximately 10% of the total value of all payroll transactions in the Wing Bank network are in KHR.
By providing every institutional partner and customer with the option to use the riel, Wing Bank has been steadily growing the total number of KHR digital transactions taking place in its network over the years.
And to further encourage the use of the riel, Wing Bank also provides highly competitive interest rates for both loans and deposits.
By opening a KHR Savings Account with Wing Bank, customers can earn up to 3% pa on their credit balances in their Savings Account, while for KHR Term Deposit, customers can earn up to 8% pa on their KHR placement with Wing Bank.
Source: https://www.khmertimeskh.com/501259444/wing-bank-is-committed-to-promoting-the-cambodian-riel-via-its-financial-ecosystem-2/