People in Cambodia hear Wing mobile money vibrating on phones and cell towers everywhere. Anthony Perkins, Wing’s CEO and a ex-British guy, ponders and dreams about domestic and international money services. No, this is a fellow who’s not satisfied with mPESA-like mobile exchange.
As developing nations move from financial exclusion to inclusion, Perkins believes that successful entrepreneurs research desired financial services. Then they devise marketing strategies to meet unmet needs and wants. This sounds like marketing 101, but it’s critical when launching mobile money businesses.
Cambodians, per Wing’s research, clearly wanted multiple financial products. Bringing many products to market early better assured Wing of earlier profitability on at least some of its lines of business.
Wing Mobile Money Vision and Launch
Funded by ANZ Bank in Australia, Anthony Perkins and the start-up team created the vision and launched their plan in 2009. Wing mobile money would offer consumer and business deposits, withdrawals, cell phone top offs from all five carriers, government payments, payroll disbursements, even mobile commerce.
Television and radio commercials announced Wing’s entry into the country’s 24 provinces. The company also started recruiting agents for its Wing Cash Xpress stores nationwide. Wing didn’t launch all services at the start but its advertising made clear that it planned on becoming a major player in domestic and international finance within and between Cambodia and global finance.
While some services have not achieved management expectations, Wing achieved profitability four years after its 2009 launch with gross revenue before taxes of $1.2 billion. 2014 promises to be a stellar year for the company.
Wing Cash Xpress Network and Stores
Thousands of Wing Cash Xpress locations, managed by trained and monitored agents, now cover rural Cambodia. The Wing card flys into everyone’s pockets like Amazon gift cards. Membership privileges: retail discounts, including restaurants, eye care and cinemas. Don’t yet have a Wing card? No problem. Walk into any Xpress shop to send money or top off your Cambodia cell phone.
Listen to an enlightening interview with Wing’s CEO Anthony Perkins.
Wing Mobile Money Links:
Mobile Users (SIM’s) pass 20 million in 2014 (Cambodia)
Mobile Money Asia (Comments by Wing’s Founders and Anthony)
Wing and Manulife Offer Life Insurance to Cambodians
Wing Facebook Page
Financial Inclusion Podcast Series on MobileBeyond
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