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Manila Bulletin devider Business devider Banking & Finance devider Security Bank, MarCoPay offer seafarers lower loan rates

Security Bank, MarCoPay offer seafarers lower loan rates

Published Apr 11, 2023 07:10 am
Security Bank Corporation has forged a partnership with e-money provider MarCoPay (MCP) to provide seafarers and their families with preferential rates for Auto and Home Loan offerings. In a statement, the bank said users of the MCP eWallet app can avail of Security Bank’s Auto Loans for as low as 5.27 percent add-on interest rate and Home Loans for as low as 6.25 percent interest rate per annum. MCP operates an eWallet app that is significantly invested in research and technology to innovate onboard money transactions using a secure digital solution. Established in 2019, MCP is owned by Japan’s largest shipping company NYK Line through a joint venture (JV) with Transnational Diversified Group of the Philippines. The JV hopes to provide seafarers with better financial services through the eWallet platform. Filipino seafarers can avail of these offerings by simply downloading the MarCoPay app on the Google Play Store or the App Store. MCP counts among its investors MUFG Bank, Ltd. (MUFG), a strategic partnership entered in March 2022 to leverage on the global bank’s network for value-added opportunities. MUFG is also the strategic partner to Security Bank since 2016. “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,” said Security Bank Retail Product Group Head Rahul Rasal. He added that, “Through MCP’s strategic partnership with MUFG, we have been able to offer our products to their users through the MUFG connection.” Prior to acquiring its most recent investor, MUFG, MCP had also welcomed a third investor, Marubeni Corporation, in 2021. This further strengthened MCP's goal in continuously providing value-added services and contributing to the improvement of the seafarers and their families' living environment. “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,” said MCP President Toshiaki Fujioka. Since 2016, Security Bank and MUFG have been leveraging on their combined networks and capabilities to collaborate on various initiatives. In 2019, Security Bank’s consumer lending subsidiary, SB Finance Company entered a strategic partnership with Bank of Ayudhya in Thailand, also a part of MUFG’s regional banking network, to provide information cross-sharing and bring innovative services to Filipino consumers.
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