Latest news with #CIMBSingapore
Korea Herald
4 days ago
- Business
- Korea Herald
CIMB Singapore and Wing Bank Forge Strategic Partnership to Boost Cross-Border Financial Services Between Singapore and Cambodia
SINGAPORE and PHNOM PENH, Cambodia, June 2, 2025 /PRNewswire/ -- CIMB Singapore and Wing Bank (Cambodia) Plc have entered a strategic partnership through a Memorandum of Understanding (MoU) to enhance cross-border financial services and deepen economic collaboration between Singapore and Cambodia. This partnership represents a significant milestone in strengthening financial connectivity within ASEAN, leveraging CIMB Singapore's regional expertise and Wing Bank's local leadership to serve a broad spectrum of clients—from commercial enterprises and SMEs to high-net-worth individuals. "Teaming up with CIMB Singapore allows us to bring world-class financial solutions to our customers while deepening Cambodia's economic integration with Singapore," said Dr. Dmytro Kolechko, CEO of Wing Bank. "This marks a pivotal step toward greater financial inclusion and cross-border opportunity." The alliance combines CIMB Singapore's extensive regional expertise from its Singapore hub with Wing Bank's deep-rooted presence in Cambodia, aiming to deliver seamless financial solutions for commercial banking clients, SMEs, and high-net-worth individuals. Victor Lee Meng Teck, CEO of CIMB Singapore and CEO of Growth Markets, added: "Our collaboration with Wing Bank reflects CIMB's commitment to advancing financial inclusion and economic progress across ASEAN. Together, we will unlock new value for customers and strengthen the Singapore-Cambodia financial corridor." The collaboration will deliver seamless, tailored banking solutions, including deposits, loans, remittances, and trade finance to support growing demand from cross-border businesses. A key focus is to empower Cambodian SMEs, which form the backbone of Cambodia's economy—accounting for 98% of businesses, 70% of employment, and 58% of GDP. In 2024, Cambodia-Singapore trade surged to USD 103 million according to General Department of Customs and Excise of Cambodia--an impressive growth of 101% year-on-year, and a clear sign of intensifying economic synergy. This partnership will further streamline financial services, enabling smoother cross-border transactions and business growth. For high-net-worth individuals, the partnership will leverage CIMB Singapore's hub—a leading ASEAN wealth management center—alongside Wing Bank's local market expertise to offer sophisticated investment and wealth management solutions tailored to Cambodia's evolving financial landscape. This landmark alliance sets the stage for a new era of Singapore-Cambodia financial integration, driving innovation, inclusion, and sustainable growth. By bridging two dynamic economies, CIMB Singapore and Wing Bank are paving the way for a more interconnected and prosperous ASEAN future.
Yahoo
4 days ago
- Business
- Yahoo
CIMB Singapore and Wing Bank Forge Strategic Partnership to Boost Cross-Border Financial Services Between Singapore and Cambodia
SINGAPORE and PHNOM PENH, Cambodia, June 2, 2025 /PRNewswire/ -- CIMB Singapore and Wing Bank (Cambodia) Plc have entered a strategic partnership through a Memorandum of Understanding (MoU) to enhance cross-border financial services and deepen economic collaboration between Singapore and Cambodia. This partnership represents a significant milestone in strengthening financial connectivity within ASEAN, leveraging CIMB Singapore's regional expertise and Wing Bank's local leadership to serve a broad spectrum of clients—from commercial enterprises and SMEs to high-net-worth individuals. "Teaming up with CIMB Singapore allows us to bring world-class financial solutions to our customers while deepening Cambodia's economic integration with Singapore," said Dr. Dmytro Kolechko, CEO of Wing Bank. "This marks a pivotal step toward greater financial inclusion and cross-border opportunity." The alliance combines CIMB Singapore's extensive regional expertise from its Singapore hub with Wing Bank's deep-rooted presence in Cambodia, aiming to deliver seamless financial solutions for commercial banking clients, SMEs, and high-net-worth individuals. Victor Lee Meng Teck, CEO of CIMB Singapore and CEO of Growth Markets, added: "Our collaboration with Wing Bank reflects CIMB's commitment to advancing financial inclusion and economic progress across ASEAN. Together, we will unlock new value for customers and strengthen the Singapore-Cambodia financial corridor." The collaboration will deliver seamless, tailored banking solutions, including deposits, loans, remittances, and trade finance to support growing demand from cross-border businesses. A key focus is to empower Cambodian SMEs, which form the backbone of Cambodia's economy—accounting for 98% of businesses, 70% of employment, and 58% of GDP. In 2024, Cambodia-Singapore trade surged to USD 103 million according to General Department of Customs and Excise of Cambodia--an impressive growth of 101% year-on-year, and a clear sign of intensifying economic synergy. This partnership will further streamline financial services, enabling smoother cross-border transactions and business growth. For high-net-worth individuals, the partnership will leverage CIMB Singapore's hub—a leading ASEAN wealth management center—alongside Wing Bank's local market expertise to offer sophisticated investment and wealth management solutions tailored to Cambodia's evolving financial landscape. This landmark alliance sets the stage for a new era of Singapore-Cambodia financial integration, driving innovation, inclusion, and sustainable growth. By bridging two dynamic economies, CIMB Singapore and Wing Bank are paving the way for a more interconnected and prosperous ASEAN future. For more information, please visit: View original content to download multimedia: SOURCE Wing Bank (Cambodia) Plc
Yahoo
14-04-2025
- Business
- Yahoo
Financial independence with at least $1 million is a 'realistic' goal for 72% of Singapore residents: CIMB study
63% of the respondents aspire to achieve financial independence between 40 to 60 years old More than half of Singapore residents surveyed believe that they need at least $1 million to achieve the state of being free from financial worries, better known as "financial independence." The survey, which touches on overall perceptions and behaviours towards financial planning, is done by CIMB Singapore, ahead of its InsureXpo personal finance event to be held on April 12. This study, the 'CIMB Singapore: Attitudes and Beliefs towards Financial Independence Report 2025', was done in collaboration with the Nanyang Centre for Marketing and Technology. The study drew insights from over 500 Singapore residents aged 26-60 on their perspectives towards financial independence and retirement planning last December. As indicated in the survey, 63% of the respondents aspire to achieve financial independence between 40 to 60 years old. The goal of at least $1 million might seem big but 72% of Singapore residents believe this is a realistic goal, with 43% of them confident of their managing their finances to achieve financial independence. Meanwhile, there are some speed bumps. According to the CIMB survey, the top three barriers to financial independence cited are the high cost of living, family responsibilities, followed by low income. On the other hand, 39% of respondents believe that they are 'often' or 'always' feeling anxious about their financial future. Specifically, those aged 40-50 have higher financial anxiety, with 47% of them claiming that they feel "often" or "always" anxious. According to CIMB, which has a regional footprint, similar sentiments are echoed in other urban cities with strong economies such as Hong Kong, where 28% of their workers reported that their financial situation is causing them higher levels of stress and anxiety. Out of 71% of respondents with financial plans, only 48% have started planning for their retirement, citing reasons such as prioritising other financial obligations, reliance on CPF, and lack of knowledge as challenges impeding their retirement planning. Raymond Tan, Head of Wealth Management and Preferred Banking at CIMB Singapore, says that the bank is "privileged" to collaborate with the Nanyang Centre for Marketing and Technology on this study, which revealed key insights into Singapore residents' attitudes and beliefs towards financial independence. "Notably, younger Singapore residents show the most confidence in achieving early financial independence compared to other age groups. "We recognise that the journey to financial independence is deeply personal and are dedicated to supporting all generations to help them navigate their unique financial journeys,' says Tan. "This collaboration highlights the strength of academia-industry partnerships in translating rigorous academic research into actionable insights for the business world," says Professor Sharon Ng, Deputy Dean at Nanyang Business School and Director at the Nanyang Centre for Marketing and Technology, says the school is "We believe this initiative will serve as a strong foundation for future collaborations, contributing to the development of a dynamic and mutually beneficial ecosystem,' she adds. According to CIMB, a growing number of younger Singapore residents are aiming for early financial independence and that they demonstrate strong confidence in achieving their goals. Of the respondents under the age of 30, 60% aim to achieve financial independence before the age of 40, and 54% expressed confidence in their financial management skills. However, only 39% of respondents aged 40 to 50, and 43% of those aged 50 to 60, report feeling confident in managing their finances. Respondents under 30 are also most willing to seek financial planning advice (54%), compared to the 40 to 50 (35%), and 50 to 60 (28%) age groups. The way CIMB sees it, this signals a clear generational divide in financial confidence and preference for financial advice, underscoring the need for a tailored approach to financial planning and requirements for financial service providers to understand the unique challenges faced by customers across different life stages. Also, in their pursuit of financial independence, Singapore residents' top three preferred tools for financial growth are savings and fixed deposits, stocks and insurance. Yet, 39% of respondents shared that they are unsure about insurance's effectiveness as an investment tool, which suggests that they might not be maximizing the use of insurance for financial growth. 'As a leading foreign bank in Singapore for bancassurance with an 'open architecture' proposition, CIMB Singapore partners with multiple insurance providers to provide customers the best value," says Merlyn Tsai, Head of Consumer Banking and Digital at CIMB Singapore. "We are committed to uniting major insurers to educate and empower the public to take control of their path to financial independence," he adds. The InsureXpo, organised for the first time, will feature a line-up of industry leaders and experts across private and public sectors, as well as personal finance content creators to address pressing topics on insurance, financial planning and well-being. "We want to provide a comprehensive and convenient platform for the public to equip themselves with knowledge to make informed decisions about their financial future, all under one roof,' says Tsai. 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