Prime Minister Hun Manet Outlines Some Recommendations at the Wing Bank Tower Inauguration Ceremony

Wing Bank Tower, an architectural masterpiece and symbol of innovation, has officially taken its place in the vibrant cityscape of Phnom Penh. Rising majestically 120 meters above the bustling streets, Wing Bank Tower stands as a testament to Cambodia’s growing prominence in the realm of digital banking.

The grand inauguration ceremony on December 20, 2023, graced by the esteemed presence of Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, and Neak Okhna Kith Meng, Chairman of Wing Bank and Chairman and CEO of the Royal Group of Companies, along with top-ranking government officials and high-profile business personalities, marked a significant milestone in the country’s financial landscape.

Neak Okhna Kith Meng said, “We are immensely proud to launch the Wing Bank Tower, reflecting our unwavering commitment to driving progress and transforming the banking landscape in Cambodia. This iconic structure represents our dedication to providing cutting-edge digital banking solutions, fostering financial inclusion, and empowering every individual in our nation to thrive in the digital era.”

Wing Bank Tower is strategically located along Preah Monivong Boulevard and the corner of Kampuchea Krom Boulevard, offering easy access to iconic landmarks, prestigious accommodations, and vibrant retail destinations.

“Our commitment to customer-centricity, inclusivity, and accessibility drives our vision to be ‘The Bank for Every Cambodian,’ empowering individuals from all walks of life with cutting-edge digital solutions that enhance their financial well-being,” said Han Peng Kwang, CEO of Wing Bank.

On the occasion of presiding over the official inauguration of Wing Bank Tower, Prime Minister Hun Manet shared some recommendations to further ensure the stability and robustness of the financial and banking sectors, as well as enhance the role of banks in economic activity.

The six recommendations are as follows:

●1. All banks should examine the possibility of broadening their services to improve the financial inclusiveness in Cambodia to contribute to reducing poverty, reducing economic inequality, and promoting sustainable economic growth.

●2. Encouraging Wing Bank and other local banks to consider providing more loans to small and medium enterprises (SMEs) to alleviate financial pressures and stabilize Cambodia’s economic activity.

●3. Encouraging all banks to expand credit and increase the loan portfolio to the agricultural sector, especially loans for rice and green loans to increase the export of Cambodian luxury rice to international markets, promote sustainability, and contribute to strengthening food security, as well as contribute to the priority programs of the Royal Government, especially the coordination mechanism and financing program aimed at boosting production, marketing, and maintaining the balance of prices of key agricultural products at a reasonable level.

●4. Encouraging banking and financial institutions to reorganize tourism loans in Siem Reap for customers who experience temporary financial difficulties without needing a 12-month provision, which was announced in the 19th Government-Private Sector Forum on November 13, 2023.

●5. The Small and Medium Enterprise Bank of Cambodia must set up a direct loan programme for tour operators in Siem Reap with reasonable interest rates and other favorable terms to allow our tour operators to access financing in the appropriate amount according to the type of business.

●6. The National Bank of Cambodia should find appropriate ways to mitigate some of the prudent provisions necessary to enable banking and financial institutions to continue to play an increasingly important role in supporting private companies.