SB Finance invests in digitalization

CONSUMER lending firm SB Finance Co. Inc. said it is allocating 15 percent of its P3-billion additional capital infusion to digital technology.

“Investment in SB Finance will be used to support our expansion, strengthen internal capabilities and invest in technology so at least for this year we’re allocating around 15 percent of that for our digital investment,” Joy Supan, SB Finance chief financial officer, announced during a virtual briefing on Tuesday.

The company is a joint venture by the Security Bank Corp. and Thailand’s Bank of Ayudhya (Krungsri). Last February, Security Bank and Krungsri obtained board approvals to infuse P3 billion into SB Finance upon receipt of requisite regulatory approvals.

According to the firm, the additional capital will be used to fund investments in the latest cloud-based technology to support end-to-end customer journeys that are built on continued digital transformation.

SB Finance is also expanding its reach to the mass market with the campaign called “Dito, Pwede!”(It is possible here!), which aims to raise awareness about its loan products as more Filipinos look for a reliable financial partner that can help them bounce back from the effects of Covid-19 pandemic.

“We are set to launch multiple products this year and this also further cements Krungsri’s strategic partnership with Security Bank to foster financial inclusion in the Philippines and demonstrates Krungsri’s commitment to our Asean (Association of Southeast Asian Nations) expansion strategy toward our aspiration to ‘be the preferred Thai bank connecting customers’ needs across Asean,’” Dan Harsono, senior advisor of Krungsri, said.