Wing Bank in Cambodia injects 88 mln USD to drive growth, strengthen financial position

Sun, 23 Feb 2025

Wing Bank in Cambodia injects 88 mln USD to drive growth, strengthen financial position

Xinhua
20 Feb 2025, 15:15 GMT+10

Wing Bank in Cambodia injects 88 mln USD to drive growth, strengthen financial position

PHNOM PENH, Feb. 20 (Xinhua) -- Wing Bank, one of Cambodia's fastest-growing digital banks, has received approval from the National Bank of Cambodia (NBC) to increase its capital by 88 million U.S. dollars, the lender said in a press release on Thursday.

This strategic move reinforces the bank's commitment to enhancing its financial stability and supporting its growth trajectory, the press release said.

"The additional capital will enable Wing Bank to better serve society by expanding its lending capacity, thereby fostering the growth of small and medium-sized enterprises (SMEs), corporates, and individual customers," it said.

Kith Meng, chairman of the Board of Directors of Wing Bank, spearheaded the decision to inject additional capital into the bank, underscoring his confidence in the bank's sustained growth and the positive economic outlook for Cambodia.

"We believe this additional capital injection will further solidify our position as a trusted and forward-thinking financial partner for individuals and businesses alike," he said.

"The growing economy and the optimistic outlook for the future have played a key role in our decision to initiate this move," he added.

According to the press release, Wing Bank achieved unparalleled success in 2024, surpassing the milestone of 2 billion dollars in deposits and assets.

Cambodia currently has 59 commercial banks, nine specialized banks, 85 microfinance institutions, and 114 rural credit institutions across the country, with 23.3 million deposit accounts and 4 million credit accounts, according to the NBC.

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