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Singapore-owned rural bank in PH assures safe transactions

Business | Banking & Finance

Singapore-owned rural bank in PH assures safe transactions

By Lee C. Chipongian

Seabank Philippines Inc., a rural bank owned by Singapore-based Sea Limited, said Thursday, Sept. 7 that it will continue to provide a secure platform for its clients and future customers when banking online.

“SeaBank is dedicated to providing secure and hassle-free payment experiences that promote financial inclusion, digital banking adoption, and convenient financial services for all Filipinos,” said Jan Ng, the bank’s Head of Payments, Deposits, and Transfers in a statement.

The rural bank is becoming known as one of the safer bank for banking online. It is in fact one of the participating banks for the later stages of the Bangko Sentral ng Pilipinas’ pilot project for its central bank digital currency.

Ng said SeaBank has an unconventional method in cybersecurity in that it warns customers of potential system issues at other banks, way ahead the affected bank’s own announcement.

“We proactively monitor and identify patterns consistent with system downtime, at both our internal and partner bank systems, to ensure that users enjoy seamless transactions and are well-informed on unforeseen issues arising from payment platforms. This enables them to transact with ease and confidence,” said Ng. “If we see a potential issue at other banks, we immediately put a warning on our app,” he added.

Meanwhile, Seabank recently was awarded Best Security Application in the Payments Initiative category as well as Best Data and Analytics Application in Payments Initiative at the Global Payments Innovation Awards 2023, which was organized by The Digital Banker.

Ng said the award “reflects our commitment to offering our users peace of mind when banking online by reducing the risk of unauthorized access and fraudulent activities as well as providing a secure environment for seamless and protected financial transactions.”

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