Wing and J Trust Royal Bank Launch ‘Micro Savings’ to Help Every Cambodian to Open Formal Bank Accounts
11 May 2020
Now you can open a J Trust Royal Bank Savings Account with just $5 and earn high interest rate using Wing Money App in Minutes and access it anywhere, anytime using Wing App and Agents
WING (Cambodia) Limited Specialised Bank and J Trust Royal Bank recently partnered to offer a pioneering product enabling their customers to open savings accounts and enjoy higher interest rates through Wing Money App with just a few swipes.
“Saving money is important in every stage of our lives as it helps to protect us in an event of a financial emergency, and to some extent, it leads us to a greater sense of financial freedom,” said Manu Rajan, CEO of Wing. “This product from J Trust Royal Bank is designed specifically for the unbanked Wing customers in Cambodia. They can start their Savings Bank account with as little as $5 at a time and accumulate it to earn high Interest Rates. We are confident that this product will let Wing customers reap greater benefits from their account in an efficient, secure and convenient manner.”
This new offering from Wing and J Trust Royal Bank is the first ever product in the local mobile payments market that help every Cambodian with a valid ID to open a formal Bank Account with the click of a few buttons on the Wing App. The customers can earn interest on the money that they keep in their J Trust Micro Savings account and access it anytime, anywhere using the Wing App. As a special initial offering, customer deposits in the Micro Savings Account will also earn the special interest rate of 1.35% p.a.
Availing this product is simple and very convenient. Wing customers simply need to open the Wing app on their phone, access the Savings product button and choose the deposit amount they prefer. The minimum initial deposit needed is just USD 5 only. Instantly their savings will start generating interest. The amount can also be cashed out anytime by transferring it back to their Wing Account and cash out from any of the 7500 Wing Cash Express Agents. Transferring money from a Wing Account to J Trust Royal Bank account and vice versa takes place easily, securely and instantly.
“J Trust Royal Bank’s commitment is to make quality financial services widely accessible in Cambodia,” remarked Toru Myochin, CEO, J Trust Royal Bank. “It is our privilege to be working with Wing on this innovative offering that is a first in the market.”
This innovative product by Wing was made possible through the support of J Trust Royal Bank. A joint venture of J Trust Group (Tokyo) and the Royal Group of Companies, J Trust Royal shares the same financial inclusion aspirations with Wing and honors its vision of providing every Cambodian with convenient access to mobile financial services for the improvement of their daily lives.
About J Trust Royal Bank
J Trust Royal Bank commenced operations in Cambodia in August 2019 following the acquisition of a majority shareholding in the bank formerly known as ANZ Royal. J Trust Royal is one of Cambodia’s largest foreign banks with an ever-growing commitment to provide world-class financial services to Cambodian people and expatriates living in and working across the kingdom.
J Trust Royal is a joint venture between J Trust, a Japanese diversified financial holding company listed on the Tokyo Stock Exchange, and The Royal Group, one of Cambodia’s largest conglomerates.
About Wing (Cambodia) Limited Specialised Bank
Wing (Cambodia) Limited Specialised Bank is Cambodia’s leading mobile banking services provider and one of the few specialized banks in the world. Established in 2009, Wing has transformed the way Cambodians send and receive money, using a mobile phone for anytime, anywhere convenience.
Wing remains at the forefront of the mobile money and electronic payment services market in Cambodia with 100% district coverage via our nationwide network of over 7,500 Wing Cash Xpress outlets. It has partnerships with more than 40,000 merchants and global industry leaders including Mastercard, Visa, MoneyGram, AliPay, WeChat Pay and Western Union.
Wing also provides funds and payment solutions to the corporate sector via our enterprise services. With Wing, small and medium enterprises (SMEs) and companies can use Wing’s payroll and disbursement services for their employees, helping growth and spread of the payment ecosystems.
For more information, please visit www.wingmoney.com