Security Bank, one of the Philippines’ leading financial institutions, has partnered with WeFund Lending Corp., the company that operates the cash loan application JuanHand, to increase Filipinos’ access to financial services.
This landmark collaboration aims to empower individuals, families, and businesses by providing faster and easier access to financial solutions, ultimately promoting financial inclusion in the country.
Security Bank’s commitment to financial inclusion
The partnership was formalized through a credit facility agreement, signifying a shared vision between both institutions. Key executives from Security Bank and WeFund Lending Corp. were present at the signing ceremony, highlighting the importance of this collaboration.
“We are delighted to join the JuanHand family,” stated John Cary Ong, executive vice president of Security Bank. “We strongly support JuanHand’s mission of building a financially inclusive ecosystem that caters to the needs of every Filipino.”
Through this partnership, Security Bank’s credit facility will enable a more open financial environment. JuanHand’s user-friendly app, which requires only basic information and a single valid ID, combined with Security Bank’s support, will streamline the loan application process.
Borrowers can expect loan approvals in under five minutes, powered by Finvolution’s (JuanHand’s parent company) cutting-edge artificial intelligence (AI) technology. Notably, there’s no need for income or billing address verification, nor collateral requirements.
In December last year, Security Bank tried to expand its reach further by acquiring a 25% stake in Home Credit Philippines through a deal worth P11-billion.
JuanHand: A trusted partner for Filipinos
Expressing his enthusiasm about the partnership, Francisco Mauricio, CEO of WeFund Lending Corp., said, “We are incredibly proud to be chosen as Security Bank’s first fintech lending partner. This collaboration demonstrates Security Bank’s dedication to expanding financial inclusion for Filipinos by gaining their trust and confidence.”
“Our goal at JuanHand is to be a helping hand to every Juan, and Security Bank’s funding allows us to achieve that on a much larger scale,” he added.
JuanHand, with over 12 million registered users and P40 billion in disbursed loans, has established itself as a reliable platform for tech-driven financial solutions.
The app is known for its swift approvals, reasonable interest rates, regulatory compliance, exceptional customer service, and user-friendly interface.
Building a secure lending environment
Photo shows (from left:) Xiaodong Sun, Head of International Business at FinVolution Group; Francisco “Coco” D. Mauricio, CEO/President of WeFund Lending Corp. atJuanHand, Usec. Alexander K. Ramos, Executive Director of Cybercrime Investigation & Coordinating Center (CICC), Justice Andres B. Reyes, Jr. (Ret.) – Highly Technical Consultant of CICC, and Atty. Roy D. Ibay, Private Sector Representative, CICC.
This partnership between Security Bank and JuanHand comes on the heels of JuanHand’s collaboration with the CICC last year.
Under the MOA, JuanHand and the CICC will develop a data and information sharing mechanism with the goal of combating cybercrime activities, according to a joint press release published on October 29, 2024.
This earlier initiative focused on establishing a safe and secure online lending environment by combating cybercrime and fraudulent activities within the fintech lending space.
Meanwhile, the partnership can be seen as a significant stride towards financial inclusion in the Philippines.
By leveraging Security Bank’s financial expertise and JuanHand’s innovative technology, this collaboration empowers Filipinos with faster access to financial resources, fostering a more inclusive financial landscape for the nation.
About Security Bank
Security Bank Corporation is one of the Philippines’ leading universal banks serving retail, commercial, corporate and institutional clients. Established on June 18, 1951, it was the first private and Filipino-controlled bank of the post-World War II period.
Security Bank was publicly-listed with the Philippine Stock Exchange (PSE: SECB) in 1995. Over the years, the Bank prudently managed to remain one of the most stable in the banking industry and is steadfast in its commitment to serve its clients and stakeholders.
Security Bank’s major businesses include retail, commercial and corporate banking, and financial markets.
It offers a wide range of services including financing, leasing, foreign exchange, stock brokerage, investment banking and asset management through its subsidiaries (as of December 31, 2017): SB Cards Corporation, SB Capital Investment Corporation, SB Equities, Inc., SB Forex, Inc., SB Rental Corporation, and SBM Leasing, Inc., a joint venture with Marubeni Corporation of Japan, and SB Finance Company, Inc. (formerly Security Bank Savings).