FinFan – Wing Bank – Partnership to Provide a Remittance Solution for a Market Valued at Over 20 Billion USD in 2023.

Cambodia has long been a close neighboring country, developing alongside Vietnam within the ASEAN community.

This strong relationship is reflected in the growing number of Vietnamese and Cambodian people living and working in both countries, in line with the shared economic growth of both nations.

*Based on the 2023 cooperation plan between the Ministry of Public Security of Vietnam and the Ministry of Interior of Cambodia, a conference was held this morning in Hanoi by the Department of Immigration to discuss and exchange experiences in immigration management.

The event welcomed a delegation from the Cambodian General Department of Immigration, led by General Sok Veasna, who is currently on an official visit to Vietnam.

Since the beginning of the year, over 537,000 Cambodian citizens have entered Vietnam, with nearly 512,000 departures and over 129,000 temporary residence declarations.

For Vietnamese citizens, there have been over 815,000 departures to Cambodia over the past ten months for purposes such as work, family visits, and trade.

Currently, there are approximately 103,000 people of Vietnamese origin in Cambodia, and the General Department of Immigration under the Ministry of Interior of Cambodia has been issuing administrative documents to help them obtain the necessary legal papers.*

*Source: antv.gov.vn

These impressive figures also drive the continuous growth of cross-border remittances between the two countries.

**During Samdech Thipadei Prime Minister Hun Manet's official visit to Vietnam at the end of 2023, the leaders of Vietnam and Cambodia agreed on several key aspects of their bilateral relationship, including an emphasis on striving to reach a bilateral trade turnover of 20 billion USD.

This objective was reiterated by Deputy Prime Minister and First Vice-Chairman of the Cambodian Development Council (CDC) Sun Chanthol in a bilateral meeting with Vietnamese Deputy Prime Minister Le Minh Khai at the 29th Nikkei Future of Asia Forum in Japan this past May.**

**Source: consosukien.vn

These impressive numbers have prompted FinFan and Wing Bank to partner together to develop a service that enhances cross-border remittances between the two countries, making them “Faster - Safer - More Cost-Effective”.

FinFan - Wing Bank - Celebrating Three Years of Partnership Towards a Common Goal

Recognizing the market’s promising growth potential, on October 5, 2021, FinFan and Wing Bank signed a partnership agreement aimed at creating a new remittance solution for transferring funds from Cambodia to Vietnam.

This service is specifically tailored for Cambodians residing in Vietnam and Vietnamese nationals living in Cambodia.

As a well-known digital bank in Cambodia, Wing Bank, together with FinFan, has continuously accelerated cross-border payment technology to facilitate remittances to Vietnam.

From now on, citizens of both countries can transfer funds to Vietnam without the cumbersome document verification processes and high fees often associated with banks or other intermediary remittance service providers.

3 Simple Steps for Cross-Border Remittance to Vietnam from Cambodia

Step 1: Open the Wing Bank app, log into your account, then select the “World Transfer” option.

After that, choose “Vietnam” as the destination country and “FinFan” as the remittance partner."

Step 2: Choose the payment method for the recipient in Vietnam, either “Cash Pickup” or “Bank Deposit”.

Step 3: Complete all the required information then click "SEND”.

Then verify the information then click "CONFIRM".

Finally, input your 4 PIN code to complete the transaction.

Conditions and Limitation

• The sender must have a Wing Bank account.
• Have a valid ID card.
• The maximum transfer amount is 5,000 USD per day.

About Wing Bank

Wing Bank provides an array of advanced financial products both for individual and corporate customers.

These include loans, deposits, micro savings, credit referral services, money transfers, utility and insurance payments, supply chain payments, payroll services and even phone top-ups.

In addition, Wing offers retail payments via “WingPay”, and has also introduced the “Wingmall” e-commerce platform.

About FinFan

FinFan is a cross-border embedded financial services company that focuses on mass disbursement, fund collection, card processing, IBAN, and digital APMs solutions, which can provide valuable input and integration on and for the same.

FinFan is already integrated with almost the world's well-known MTOs, PSPs, switch, and core fintech platforms such as Money Gram, Thunes, Qiwi, Remitly, World Remit, Bancore, PaySend, Terrapay, Ria Money Transfer (Euronet), Dlocal, Ripple, TripleA, FoMo Pay, Wings, etc.

For more information, please get in touch with us through:

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

LinkedIn: FinFan