Security Bank partners with MCP to offer loan products to seafarers

Security Bank partners with MCP to offer loan products to seafarers
April 12, 2023 https://www.bworldonline.com/banking-finance/2023/04/12/516011/security-...

SECURITY BANK Corp. (Security Bank) has partnered with electronic money provider MarCoPay, Inc. (MCP) to offer loan products to seafarers and their families, it said on Tuesday.

The bank aims “to provide seafarers and their families with preferential rates for auto and home Loan offerings” through the partnership, it said in a statement.

“We are pleased to partner with MCP to be able to offer our Filipino seafarers with greater options and flexibility when it comes to getting a car or home for them and their loved ones in the Philippines. Through MCP’s strategic partnership with MUFG (Mitsubishi UFJ Financial Group, Inc.), we have been able to offer our products to their users through the MUFG connection,” Security Bank Retail Product Group Head Rahul Rasal said.

Filipino seafarers can use the MarCoPay app, which is available on the Apple App Store and the Google Play Store, to avail of Security Bank’s auto loans with a 5.27% add-on interest rate, as well as its home loans with a 6.25% interest rate per annum.

The MCP app is an e-wallet platform developed and maintained by MarCoPay for seafarers. It is licensed by the Bangko Sentral ng Pilipinas as an e-money issuer.

“We at MarCoPay are very excited to offer these loan deals to our customers. Through the help of Security Bank, we can greatly contribute to the dreams of Filipino seafarers to buy their dream house or get the car they want without all the hassle,” MarCoPay President Toshiaki Fujioka was quoted as saying.

MarCoPay is owned by NYK Line, Japan’s largest shipping company, through a joint venture with Transnational Diversified Group of the Philippines. MUFG is an investor in the company.

Security Bank’s partnership with MUFG dates back to 2016, when the Japanese bank bought a 20% stake in the local lender.

The listed bank saw its net income increase by 53% to P10.6 billion in 2022, driven by the growth of its core businesses.

Security Bank’s shares fell by 65 centavos or 0.69% to close at P92.95 each on Tuesday. — A.M.C. Sy