A sizeable population of expats and local business owners in Cambodia are now able to access money transfer services and send money to Thailand faster and without paying hefty fees. Thai nationals are among the top ten visitor arrivals to Cambodia with 382,317 recorded in 2018, according to the Thai Business Council in Cambodia.
The strategic partnership allows Wing customers in Cambodia to remit transfers using Wing Money app to Thailand with a limit of up to US $1,000 per transaction. Recipients may receive funds in cash from any of the DeeMoney’s four branches in Bangkok or direct bank deposits in local currency. DeeMoney offers local support for tracking transactions using Wing’s transaction ID code.
DeeMoney is the financial services platform of Sawasdeeshop. It continues to successfully leverage its omni-channel presence to disrupt the remittance market. Its transparent business model provides an effective alternative for customers who have used traditional informal channels to transfer money.
“We are committed to leveraging cutting-edge technology to improve our customers’ financial transactions. Our Thai and Cambodian customers stand to gain through this partnership. With both cash payout and bank credit options available, we strive for financial inclusion in the market”, said Aswin Phlaphongphanich, CEO SawasdeeShop Co. Ltd.
Wing Chief Executive Officer, Jojo Malolos, said the launch of Inbound service from Cambodia marks another milestone in our partnership, and that it also shows how Wing customers can do so much more via the Wing Money app, connecting Cambodians to the world.
“Through the convenience of Wing Money app, locals as well as expats residing in Cambodia are able to remit to Thailand anytime and the recipient can cash out at any DeeMoney branch or receive account credit at all banks in Thailand,” said Malolos.
The partnership represents two non-commercial bank entities joining hands to provide money transfer services to individuals and businesses in Cambodia. “With DeeMoney Wing customers can access cash out and account credit modes for money transfers,” Phlaphongphanich concluded. “Our API integration ability, competitive FX and fee structure makes us an ideal choice for anyone looking to remit funds to or from Thailand.”