SOUTH KOREA’s Woori Bank has partnered with the Cambodian office of Southeast Asian transit giant Grab to provide low-interest loans and other specialist financial products to Grab drivers in the country, the bank said Thursday.
WB Finance, the Cambodian business unit of Woori Bank, has signed a memorandum of understanding with Grab Cambodia, to launch a series of financial services specifically designed for Cambodia’s Grab drivers, including low-interest loans.
“Grab Cambodia will not only provide training and insurance services to our drivers, but also specialist financial services in partnership with the Cambodian branch of Woori Bank,” said Ron Wong, director of Grab Cambodia, in a statement.
Woori Bank plans to enter into similar partnerships with global fintech companies in Vietnam, in order to expand its global presence across Southeast Asia, he said.
Woori Bank operates two offices in Cambodia – Woori Finance Cambodia acquired in 2014 and WB Finance acquired last year.
Based in Singapore, Grab is the largest operator of ridesharing apps in Southeast Asia. It operates in 336 cities in the region, including Singapore, Malaysia, the Philippines and Indonesia. KOREA HERALD / ANN