Woori launches mobile loans, opens 7th branch in Cambodia

Woori Finance Cambodia, which specializes in small loans, has opened its seventh branch in Cambodia and also kicked off mobile loan services in the Southeast Asian country.

Woori Finance Cambodia was set up in July last year after acquiring Micro Finance Institute (MFI), a financial firm that specialized in small loan services. Wibi Bank Cambodia, Woori Finance Cambodia’s mobile platform, is the first international version of Wibi Bank, a mobile bank that Woori Bank started in May this year with a focus on mobile SOHO credit loans, mid-range interest rate loans, small fund transfers and insurance services.

Wibi Bank Cambodia will provide mobile loan services in which clients can both apply and see results of the loan application via its mobile platform.

“Wibi Bank Cambodia will accept loan applications via mobile platforms, and the loan adviser will personally visit the client and follow through up to the actual loan issuance,” Woori Bank said in a statement.

“This is in line with the loan services that are already in practice in Cambodia.”

“Wibi Bank Cambodia is the international version of Korea’s Wibi Bank platform,” said Lee Jeong-seop, head of Woori Finance Cambodia.

“We plan to also offer mobile international wire transfer services as well with a fintech firm.”