Asiamoney names Security Bank best bank for SMEs in PH
Finance publication Asiamoney recently awarded Security Bank as the country’s best financial institution for small and medium enterprises (SMEs) for its consistent support to the needs of entrepreneurs.
In a statement, the bank said Asiamoney commended its digital innovations, electronic cash management services and products like the Business Express Loans—which reduces the turnaround time for a loan application from three weeks to a maximum of five days.
Moreover, the SME loan does not require an application fee or collateral for loans up to P5 million.
“The bank’s small business loans portfolio grew by a remarkable 137 percent in 2018 and continued its strong momentum in the first quarter of 2019,” the citation read. “Small business loans as a percentage of total consumer loans almost doubled from 5 percent in the first quarter of 2018 to 9 percent in the first quarter of 2019.”Micro, small and medium enterprises (MSMEs) still accounted for 99.56 percent of total establishments in the country, according to the Philippine Statistics Authority. The sector also contributed almost 62.9 percent of total jobs generated and accounted for 25 percent of the country’s total exports revenue.
Despite the growth of the MSME sector from 911,768 in 2016 to 924,721 in 2017, Security Bank still sees a growth potential that has yet to be tapped.
“The bank will continue to pursue initiatives and offer competitive loan products to cater to the expanding SME sector, driving economic growth,” Security Bank president and CEO Sanjiv Vohra said.
Some of the initiatives that the bank pursued were partnerships with franchise associations and trade unions to educate and deliver sound business solutions to members and franchisees.
“Security Bank is a solid niche bank,” added the citation, quoting a senior research analyst in Manila. “They are extremely good at what they do and they have decided to grow in the consumer and SME space.”
“Empowering businesses, especially SMEs is our bank’s mission,” Vohra said, as he acknowledged that it was Security Bank’s vision that led them to pursue the initiatives, products and services that garnered the bank’s international recognition.Security Bank was also recognized as the Best SME Bank in the Philippines by the Alpha Southeast Asia Award.
Moreover, Asiamoney and Euromoney also released the results of their 41st annual foreign exchange survey tagged as the most comprehensive annual study of FX markets. The survey ranked Security Bank as among the top three foreign exchange banks in the Philippines, beating the largest local banks.
Security Bank credited this to its strong relationships with its clients. Anchored on its solutions-oriented sales force, the bank said it hopes to continue being one of the most trusted banks for clients’ foreign exchange and hedging needs. INQ
