CIMB Singapore and Wing Bank (Cambodia) Plc have signed a Memorandum of Understanding (MoU) to deepen financial connectivity and cross-border services between Singapore and Cambodia, in a move that underscores rising economic integration within ASEAN.
The strategic alliance will see both banks collaborate on delivering seamless financial solutions across deposits, loans, remittances, and trade finance—targeting commercial clients, SMEs, and high-net-worth individuals engaged in cross-border business between the two nations.
“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.”
The collaboration combines CIMB Singapore’s regional banking expertise with Wing Bank’s local reach in Cambodia, aiming to serve growing cross-border financial demand, particularly among SMEs. Cambodian SMEs account for 98% of the country’s businesses and contribute 58% to GDP, making them a key segment for economic growth and financial inclusion.
Victor Lee Meng Teck, CEO of CIMB Singapore and CEO of Growth Markets, said the partnership highlights CIMB’s broader ambition to “advance financial inclusion and economic progress across ASEAN.”
Trade between Cambodia and Singapore more than doubled in 2024, hitting USD 103 million—a 101% year-on-year jump, according to Cambodia’s customs authority. The two banks see this momentum as an opportunity to build a stronger financial corridor between the nations.
For high-net-worth individuals, the partnership will offer integrated wealth management services by leveraging CIMB Singapore’s role as a regional wealth hub and Wing Bank’s on-the-ground expertise. The offering is designed to meet Cambodia’s evolving investor needs with more sophisticated financial instruments and advisory.
As ASEAN economies become more interlinked, the CIMB-Wing Bank partnership signals a push for inclusive growth and innovative financial solutions, reinforcing Singapore and Cambodia’s roles as dynamic nodes in the region’s financial architecture.
Business News Asia