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Corporate Responsibility March 2010

Corporate Responsibility March 2010

Banking the unbanked in Cambodia

Micro-savings helps thousands in Cambodia

More than 100,000 Cambodians, many who previously had little or no access to financial services, are now using our WING mobile payment service to transfer and save money and make payments using their mobile phone.

Releasing WING’s 2009 Social Impact Report in Phnom Penh, CEO Mike Smith said WING demonstrated how banks could achieve their business objectives while offering products and services that also contribute to economic and social development.

“WING brings safe and affordable services to communities in Cambodia – including rural areas. WING customers can make secure transactions using a personal PIN on any mobile phone and make or receive cash payments through 500 Cash Xpress outlets across all of Cambodia’s 24 provinces.

“By delivering these benefits to people in Cambodia, we have also been able to explore the emerging market of mobile payments, the ‘next wave’ of banking innovation,” said Mike.

WING’s growth within Cambodia’s rural areas has been assisted by a grant from the Australian Government’s AusAID Enterprise Challenge Fund.

Customers using WING avoid what can sometimes be costly and unsecured channels such as taxis, couriers or middlemen used to transfer money between city workers and their families in rural areas.

WING also supports micro-savings by providing customers with a safe place to store their money. All customer deposits are held in accounts with ANZ Royal, our joint venture bank in Cambodia. Bank accounts are uncommon amongst Cambodians, and are held by only 5% of the population.

WING customer Kong Chan Ny is a market trader selling Chinese broccoli grown by local farmers in the Takamau market, located in the outskirts of Phnom Penh.

“Spending time to take money to my producers takes a lot of my time and it also can be a security risk.”

“WING is easy and fast to use, I am encouraging my producers to use WING so I can transfer the money I owe for my vegetables,” Kong Chan Ny said.

Baseline research conducted in partnership with the International Finance Corporation reveals 56% of WING customers were previously unbanked, and of these 67% are women. 20% live in households where income is less than US$2 per day.

WING statistics

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