Security Bank inks deal with MCP: affordable home and auto  loans for pinoy seafarers

CEBU , Philippines —  Security Bank Corporation and e-money provider MarCoPay (MCP) have signed a joint-venture deal to provide affordable rates for automobile and home loans for Filipino seafarers and their families.

With this partnership, users of the MarCoPay app can avail of Security Banks’ Auto Loans for as low as a 5.27 percent add-on interest rate and Home Loans for as low as a 6.25 percent interest rate per annum.

Filipino seafarers can avail of these offerings by simply downloading the MarCoPay app on the Google Play Store or the App Store.

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.

MCP counts amongst its investors MUFG Bank, Ltd. (MUFG), a strategic partnership entered in March 2022 to leverage the global bank’s network for value-added opportunities. MUFG is also the strategic partner of Security Bank since 2016.

“We are pleased to partner with MCP to be able to offer our Filipino seafarers greater options and flexibility when it comes to getting a car or home for them and their loved ones in the Philippines.

Through MCP’s strategic partnership with MUFG, we have been able to offer our products to their users through the MUFG connection,” said Rahul Rasal, Retail Product Group Head at Security Bank.

MCP operates an eWallet app that is significantly invested in research and technology to innovate onboard money transactions using a secure digital solution. 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 of 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 the Security Bank, we can greatly contribute to the dreams of Filipino seafarers to buy their dream houses or get the car they want without all the hassle,” says MCP President, Toshiaki Fujioka.

Since 2016, Security Bank and MUFG have been leveraging 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 the 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.