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.
Signed here on June 2, this partnership represents a significant milestone in strengthening financial connectivity within ASEAN, leveraging CIMB Singapore’s regional expertise and Wing Bank’s local leadership to serve a broad spectrum of clients—from commercial enterprises and SMEs to high-net-worth individuals.
“Teaming up with CIMB Singapore allows us to bring world-class financial solutions to our customers while deepening Cambodia’s economic integration with Singapore,” said Dr. Dmytro Kolechko, CEO of Wing Bank.
“This marks a pivotal step toward greater financial inclusion and cross-border opportunity,” he said.
The alliance combines CIMB Singapore’s extensive regional expertise from its Singapore hub with Wing Bank’s deep-rooted presence in Cambodia, aiming to deliver seamless financial solutions for commercial banking clients, SMEs, and high-net-worth individuals.
Victor Lee Meng Teck, CEO of CIMB Singapore and CEO of Growth Markets, said that the collaboration with Wing Bank reflects CIMB’s commitment to advancing financial inclusion and economic progress across ASEAN.
“Together, we will unlock new value for customers and strengthen the Singapore-Cambodia financial corridor,” he said.
The collaboration will deliver seamless, tailored banking solutions, including deposits, loans, remittances, and trade finance to support growing demand from cross-border businesses.
A key focus is to empower Cambodian SMEs, which form the backbone of Cambodia’s economy, accounting for 98 percent of businesses, 70 percent of employment, and 58 percent of GDP.
In 2024, Cambodia-Singapore trade surged to US$103 million according to the General Department of Customs and Excise of Cambodia – an impressive growth of 101 percent year-on-year, and a clear sign of intensifying economic synergy.
This 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 centre—alongside Wing Bank’s local market expertise to offer sophisticated investment and wealth management solutions tailored to Cambodia’s evolving financial landscape.
This partnership 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.