BDO, Japanese bank forge deal to help SMEs
BDO Unibank has teamed up with Shinkin Central Bank (SCB), the central financial institution in Japan for the cooperative regional financial institutions known as “shinkin” banks, to assist Japanese small and medium enterprises (SMEs) seeking business in the Philippines.
The two financial institutions agreed to develop a business cooperation framework envisioned to benefit the Japanese bank’s SME clients already operating in the Philippines as well as those looking at the country as a potential investment destination.
BDO, the country’s largest bank to date, will potentially provide banking services which may include financial facilities, cash management and payment services, foreign exchange and other treasury products to SCB’s diversified SME clients.
Hiroshi Sudo, managing director of SCB, expressed confidence that the business partnership established between the two banks would be beneficial and further strengthen economic ties between the two countries.
“BDO is the most desirable partner which is what our customers are looking for,” Sudo said at the recent signing ceremony of the memorandum of understanding between the two banks.
Founded in 1950, SCB occupies a well-established position in Japan’s financial industry as it supports the growth of the Shinkin banking industry, which in turn serves SMEs and local residents.
The industry has 264 members nationwide holding funds summing up to 134 trillion yen or around $1.195 trillion.
Aside from its coverage in Japan, SCB has a subsidiary in London and four representative offices in New York, Hong Kong, Shanghai and Bangkok. —DORIS DUMLAO-ABADILLA
