UnionBank, Samsung expand microfinancing

Union Bank of the Philippines and Samsung are making their micro financing platform available to more stores across the country to encourage purchases of gadgets.

Samsung Philippines president Min Su Chu on Thursday told reporters they were looking at the expansion of Samsung Finance+ platform into 1,000 additional stores by next year.

Launched last year, the device financing solution was piloted in 25 stores. It is now available in about 1,000 outlets.

“What we see so far is that Samsung Finance+ allows Filipino consumers to upgrade to more premium Galaxy devices,” he said.

READ: UnionBank pumps P1.6 billion more into digital

Customers can buy a Galaxy via Samsung Finance+ without a down payment and interest. The loan, which entails no processing fees, can be paid up to 24 months.

Borrowers can loan between P15,000 to P120,000 when purchasing their devices. They only need to present one valid ID like passport and driver’s license.

The loan processing will only take 20 minutes to 30 minutes.

“Through this partnership, we are making financing available to customers at the point when they need it the most,” UnionBank institutional banking head Ana Aboitiz-Delgado said.

Apart from extending loans, the Samsung official said their partnership also enables financial inclusion among Filipinos.

“It helps customers who are unbanked and new to credit build good credit history and opens up financial opportunities for these unserved consumers,” he added.

The finance product is being offered amid the perceived increasing demand for smartphones this year after showing growth in 2023. INQ