Wing and Morakot have announced a partnership which will allow MFIs and banks in Cambodia to more easily collect loan repayments, using fintech solutions as part of the Kingdoms growing digitalisation.
Wing (Cambodia) Limited Specialised Bank hopes the collaboration will allow for Cambodian microfinance institutions (MFIs) and commercial banks to reduce their costs of collecting loan repayments and also make the process easier for all involved.
The partnership was completed via an MOU which was signed on the 16th July 2020.
By using Wing’s financial ecosystem and Morakot Technology’s core banking system, “the customers of MFIs and banks can opt to repay their loans through either Wing Cash Xpress outlets or by using the Wing Money App, which functions 24 hours a day, seven days a week” reports the Phnom Penh Post.
Sophorth Khuon, the CEO of Morakot said “There are currently almost 8,000 Wing agents across Cambodia. MFIs and banks can now focus on getting new customers and disbursing new loans rather than on collections, which will ultimately improve productivity.”
Manu Rajan, the CEO of Wing (which is part of the Royal Group of Companies) said: “The integration of Wing’s financial systems and Morakot Technology is another avenue to leverage our financial technology for the benefit of those living in rural provinces as well as for MFIs and banks in rural areas.
People need not travel long distances to repay their loans, while the financial institution can bring down their operating costs.”
The platform is integrated with the Credit Bureau of Cambodia’s database, to facilitate faster loan processing and approval.
Earlier in July 2020, the Cambodia Fintech Association (CFA) and the Cambodia Association of Finance & Technology (CAFT) merged.
You can also read more about the increasingly growing number of digital mobile payment companies in Cambodia here.