Security Bank, MUFG inks deal for expanded cash management access
MUFG’s corporate clients will be able to access Security Bank’s cash management system DigiBanker.
Security Bank (SB) has closed a deal with Japan’s MUFG Bank that will allow MUFG’s corporate clients to access SB’s cash management system DigiBanker.
The partnership enables MUFG’s clients to extend their collection network in different parts of the country with the extensive solutions of SB through the DigiBanker platform. MUFG’s customers can also capitalize on using SBC’s robust system for their disbursement requirements whether online or via check payments, SB said.
A virtual signing ceremony held on 18 March saw Security Bank’s president and CEO Sanjiv Vohra and MUFG’s country head for the Philippines Yuichi Yamagishi formalize the partnership.
“With this, MUFG’s corporate clients will gain access to the full range of Security Bank’s cash management portfolio. Our partnership is an incredible opportunity for us to take the best of Security Bank and MUFG and raise the bar for financial service excellence in the region,” says Vohra.
In 2016, the two banks completed a strategic partnership deal with MUFG buying a 20% stake into Security Bank.
Since then, both banks have leveraged on their combined networks and capabilities to collaborate on various initiatives, such as the acquisition of SB’s consumer lending arm, SB Finance by MUFG’s partner bank in Thailand, Bank of Ayudhya (Krungsri).