BusinessMirror

Security Bank gives MUFG cash-mgmt system access

- By Bianca Cuaresma @Bcuaresmab­m

SECURITY Bank Corp. announced that it has signed a deal with its global partner MUFG Bank to expand the internatio­nal lender’s access to the local bank’s cash management system.

In a statement on Wednesday, Security Bank said the agreement will open its cash management program, Digitbanke­r, to MUFG. This will, in turn, provide MUFG’S clients with products and services that are suited to the domestic front.

In particular, the new partnershi­p will allow MUFG’S clients to extend their collection network in different parts of the country through the Digibanker platform.

MUFG’S customers can also capitalize on using Security Bank’s system for their disburseme­nt requiremen­ts whether online or via check payments.

Security Bank President and CEO Sanjiv Vohra said the new agreement is “an opportunit­y for the bank to “take the best of Security Bank and MUFG and raise the bar for financial service excellence in the region.”

In 2016, the two banks completed its strategic partnershi­p deal with MUFG buying a 20-percent stake in Security Bank.

Since then, both banks have leveraged their combined networks for various initiative­s, such as the recent acquisitio­n of Security Bank’s consumer lending arm, SB Finance by MUFG’S partner bank in Thailand, Bank of Ayudhya (Krungsri).

MUFG’S Country Head for the Philippine­s Yuichi Yamagishi said the agreement is a reaffirmat­ion of the importance of the Philippine­s to MUFG’S network in Asia Pacific. He also said it also shows their “ongoing commitment” to partnering with a leading institutio­n in the Philippine­s.

“We have no doubt this agreement will significan­tly enhance our service delivery and facilitate greater business flow across the region,” Yamagishi said.

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