Australia and New Zealand Banking Group Limited (ANZ) today announced that it has sold its Cambodian mobile payments company WING to Inter Logistics, parent company of the Mobile Refresh payments business.
WING has operated in Cambodia since it was launched by ANZ in January 2009. WING is Cambodia's most comprehensive mobile payments company offering transactions in both USD and KHR and accessible through a nationwide service across six mobile network operators.
ANZ CEO South and South East Asia, Mark Robinson said: "We are proud to have established WING as the first mobile payments service for Cambodia. It has attracted over 350,000 customers, bringing them access to financial services previously unavailable.
"As we are increasingly focusing ANZ Cambodia on the corporate and upper end retail segments however it makes greater sense for WING to join with Mobile Refresh given its demonstrated track record and ongoing investment in mobile payments," Mr Robinson said.
Mobile Refresh founder and Executive Director Ian Watson said: "We are very excited about this unique opportunity. Wing is a well established brand in Cambodia with the potential to become the country's leading mobile payments platform.
"Mobile Refresh intends to use its existing network of 8,000 point of sale terminals as well as its relationships with many of the country's mobile phone operators to grow the brand even further," Mr Watson said.
Mr Watson who will be involved with both business units added: "Combining the existing Refresh distribution with WING's proven mobile payments platform and more than 350,000 customers will create the leading payments business in Cambodia serving all parts of the community."
The transaction is not material to ANZ and the sale terms are confidential.