Wing Bank Facilitates Fee Collection for SERC, Enhancing Payment Options for Online Investor ID Applications and Renewals

The Securities and Exchange Regulator of Cambodia (SERC) and Wing Bank (Cambodia) Plc have announced a partnership to streamline the process of applying for and renewing investor IDs by offering e-payment options through Wing Bank.

The memorandum of understanding (MoU) signing ceremony, presided over by SERC director-general Sou Socheat and Wing Bank CEO Han Peng Kwang, marks a transformative step in streamlining the country’s burgeoning securities market.

“Our collaboration with Wing Bank marks a significant step forward in making Cambodia’s securities market more efficient and accessible,” remarked Socheat.

“By embracing digital solutions, we are ensuring that investors can navigate the market with greater ease and confidence,” he added.

This collaboration enables Wing Bank to serve as the official collector of fees for SERC investor ID applications and renewals. By providing convenient and secure e-payment options, this partnership aims to enhance investor experience and facilitate the growth of Cambodia’s securities market.

As of the second quarter of 2024, the regulator provided a total of 51,771 investor ID numbers and opened a total of 53,712 trading accounts with the Cambodia Securities Exchange (CSX). Socheat hopes that by the end of 2024, the management and staff of Wing Bank will have opened trading accounts.

Expressing gratitude to SERC, Han stated, "We are grateful to SERC for entrusting us with this responsibility and commitment.”

“Wing Bank is proud to support SERC in its mission to develop Cambodia’s capital market. By leveraging our expertise in digital payments, we aim to make the investor ID process more accessible and convenient for all,” he emphasised.

Wing Bank and SERC share a common vision through their collaborative efforts to advance the country’s economic and technological landscape, underscoring the importance of public-private partnerships in driving forward the digital transformation of Cambodia’s economy.

SERC has maintained a steadfast commitment to nurturing a financial environment characterised by security, transparency, innovation and inclusivity. In light of the rapid technological advancements being witnessed, it is vital to embrace this progress to offer more convenient and efficient services to all investors.

After 16 years of serving Cambodians, Wing Bank’s commitment to innovation is evident in its diverse range of services, benefiting approximately 165,000 merchants, 10 government institutions, 3,000 small and medium-sized enterprises (SMEs) and around 900 businesses.

The bank diligently serves more than 14.5 million account users and has solidified its position as a trusted partner for businesses of all sizes with its cutting-edge banking services, including digital payment and payroll solutions.

This partnership is instrumental in shaping a dynamic and flourishing securities market in Cambodia, underpinned by efficiency and accessibility.