Security Bank grows financing options

Security Bank Corp. is expanding financing options to 1.2 million sari-sari store owners through its partnership with MySuki, an app provider that links wholesale retailers and suppliers to these small entrepreneurs.

“We’re grateful for the partnership that will allow us to better understand and tailor-fit our end-to-end solutions to drive the growth of sari-sari stores,” Security Bank head of Focus Segments Joey Sison said.

Security Bank promises sari-sari store owners flexible credit options, fast delivery of loans and safe payment tools to ensure them of sufficient goods and efficient transactions and help them expand their businesses.

Security Bank expands financing options for MySuki clients as the app provider also offers Kasuki, an inventory financing and buy-now-pay-later service.

Opportunities created

“This collaboration is about more than just technology or banking; it’s about creating opportunities and driving meaningful change in the grassroots economy,” MySuki co-founder Ivan Lanuza said.

Security Bank reported a 58 percent loan growth for micro, small and medium enterprises (MSMEs) in the first nine months of 2024.

In November last year, Security Bank head of business banking JD Yap said most MSMEs borrowed for wholesale and retail trade which accounted for 50 percent of the total portfolio.

Building on the strong MSME loan growth, he said the bank eyes to launch the complete version of its digital platform dedicated to MSME owners in the first quarter of 2025.