South Korea’s Woori Bank has partnered with Southeast Asian ride-hailing giant Grab’s Cambodia office to offer low-interest loans and other specialized financial products to Grab drivers in the country, the bank said Thursday.

WB Finance, the Cambodian business unit of Woori Bank, 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 provide not only service training and insurance services to our drivers, but also specialized financial services in partnership with Woori Bank’s Cambodia branch,” Grab Cambodia’s chief Ron Wong said in a statement.

Woori Bank plans to seal similar partnerships with global finance technology companies in Vietnam, to expand its global footprint across Southeast Asia, it said.

Woori Bank operates two offices in Cambodia: Woori Finance Cambodia acquired in 2014 and WB Finance acquired in 2018.

Based in Singapore, Grab is the biggest ride-hailing app operator in Southeast Asia. It operates in 336 cities across the region, including Singapore, Malaysia, the Philippines and Indonesia.

By Sohn Ji-young (jys@heraldcorp.com)