Cambodia, Japan banks ease cross-national currency transfers

Wing Bank (Cambodia) Plc. and Japan Money Express Co. Ltd (JME) recently signed a memorandum of understanding (MoU) to increase the remittance options available to Cambodians living and working in Japan.

Approximately 30,000 Cambodian citizens are currently living, working and studying in Japan, and often require sending part of their salary in Japan home to family members in Cambodia.

Wing Bank is one of Cambodia’s most established brands in finance, with over 11,000 outlets facilitating exchange nationwide. Meanwhile, JME is a leading financial institution specializing in international remittance services based in Japan.

Under the terms of the new MoU between the two financial institutions, Cambodians based in Japanese cities can use Japan Money Express to send money back to Cambodia directly via Wing Bank, and into the wallets of dependants in Cambodia.

The new mechanisms ensure that those based in Japan have a reliable, safe, and cost-effective means of transferring money home to Cambodia.

Funds can be sent directly to their family’s Wing Bank account in Cambodia and the receiver can be alerted to the transfer by a smart phone notification upon arrival. The recipient will then receive an 8-digit code to withdraw the money from one of the thousands of Wing outlets nationwide.

Vattanak Phakdey Chhun, Deputy CEO of Wing Bank, speaking to local media on the recent collaboration with Japan Money Express, said that Wing Bank seeks to “drive positive social impact and create a more connected and inclusive financial ecosystem.”

The transfer facilities “aim to bridge the gap between nations and empower Cambodian residing and working in Japan to ensure their hard earned money is transferred safely and cost-effectively to support their families back home,” he said.

President of Japan Money Express, Ajeeb Gurung, said that the strategic collaboration between the two banks underscores their mutual commitment to bridging financial gaps and facilitating international transactions with ease.

Source link

Leave a Response