CIMB Singapore and Wing Bank (Cambodia) have signed a Memorandum of Understanding (MoU) to bolster cross-border financial services between Singapore and Cambodia. The strategic partnership aims to enhance regional banking solutions and support economic activity in both countries, especially among small and medium-sized enterprises (SMEs) and high-net-worth individuals.
The collaboration leverages CIMB Singapore’s experience as a regional financial hub and Wing Bank’s strong local presence. Together, the institutions plan to offer streamlined banking solutions such as deposits, loans, remittances, and trade finance tailored to cross-border businesses.
Focus on SMEs and wealth management
A major emphasis of the partnership is supporting Cambodian SMEs, which represent a critical segment of the country’s economy—accounting for 98% of businesses and 70% of employment. By improving access to financial services, the initiative aims to empower smaller enterprises to participate more effectively in regional trade.
High-net-worth clients are also in focus, with the partnership promising sophisticated wealth management solutions. These offerings will combine CIMB’s expertise in managing regional wealth portfolios with Wing Bank’s understanding of Cambodia’s evolving financial landscape.
Rising trade reflects economic potential
The agreement comes as economic ties between the two countries continue to deepen. Bilateral trade between Cambodia and Singapore surged to USD 103 million in 2024, up 101% from the previous year. This growth reflects a broader trend of regional integration, with financial connectivity increasingly seen as key to sustainable development.
As financial institutions seek to adapt to a more interconnected ASEAN, the CIMB-Wing Bank alliance marks a step forward in bridging economic systems and expanding access to financial tools across borders.