MANILA, PHILIPPINES — Security Bank Corporation’s consumer finance arm SB Finance Corporation (SBF) has partnered with Grab Philippines to offer personal loans to Grab users, driver-partners, and merchant-partners through the Grab superapp.
Under the partnership, users of the Grab app can apply for an SB Finance personal loan of up to PHP 2 million with payment terms of up to 36 months. The application will be through an online process and applicants can expect funds to be released in five days.
“Our strategic partnership with Grab Philippines aims to assist Filipinos by conveniently extending personal loans for their needs. We’re optimistic that Grab users and driver-, delivery- and merchant-partners will be able to experience a holistic digital lending experience as we navigate the new normal,” says SB Finance President and CEO Abbie Casanova.
Grab, the leading superapp in Southeast Asia, has millions of users in the Philippines. It offers everyday value to consumers through a wide range of services such as mobility, food, grocery, and package deliveries, as well as financial services.
Through its unit, Grab Financial Group, Grab has also been offering several financial products to its driver-, delivery- and merchant-partners over the years. These include offline and online loans, purchase financing, and postpaid fuel cards for driver-partners. It also offers working capital loans for merchants.
On the consumer side, Grab also has its PayLater service which allows consumers to pay for Grab services a month later, in one monthly bill. GrabPay also gives its users a more rewarding experience as consumers earn GrabRewards points for their purchases using the service. These points can then be used to avail of discounts and deals on Grab-related services and other merchant-partners.
SB Finance aims to support Grab’s diverse ecosystem and provide more value-added products for a targeted market segment while growing its loan portfolio.
“Since its inception, Grab has striven to provide value to consumers and stakeholders and empower them by leveraging our technology and offering our suite of reliable and convenient products and services. The partnership with SB Finance will give our users more access to much-needed financing which they can use to pursue business plans, do home improvement, or pay for health emergencies, among other needs. We hope that through these loans, consumers can sustain or improve their quality of life, especially during this pandemic,” says Erwin Yamsuan, Head of Grab Financial Services in the Philippines.
SB Finance is a joint venture between Security Bank Corporation and Krungsri. Backed by two financial giants in the Asian region with more than 100 years of combined financial excellence, SB Finance strives to empower Filipinos and small business owners to reach their life’s milestones by providing top-notch financial products and services that are tailored to their needs.
MUFG Bank Ltd., which has strategic investments in both Security Bank and Krungsri, also entered into an alliance with Grab in 2020 to co-develop next-generation financial services for Grab’s driver-partners, merchant-partners, and users.
To know more about the SB Finance and Grab PH partnership or how you can enjoy low-interest rates and easy application processing with SB Finance, visit www.sbfinance.com.ph or www.facebook.com/SBFinancePH.
