NextGen Day

MANILA, Philippines — SB Finance officials are hopeful about business growth this year, thanks to the government’s push for digitalization of financial operations and the domestic economy’s sustained recovery.

During the virtual launch of SB finance’s zuki mobile app on Tuesday, Joy Supan, the company’s chief financial officer, said, “We have a good outlook this year to grow our portfolio by at least 40%.”

Supan attributed their confidence to the estimated 40 million Filipino adults who do financial transactions over the internet, according to data.

She claims that roughly 80% of those digitally literate Filipino adults buy things or use services online.

“That amounts to around 32 million Filipino consumers to whom SB Finance can offer a variety of loans.” “And with the government’s continuous drive for digitalization, our growth prospects for this year are even brighter,” she added.

SB Fund can undertake electronic know-your-customer operations and offer products like Hoologan, a cash credit line that provides up to PHP200,000 in loan, and MotorsikLOAN, a loan product that will finance the purchase of both new and pre-owned motorbike units, thanks to the fully digital zuki app.

SB Finance was established in 2020 as a joint venture between the Security Bank and Thailand’s Bank of Ayudhya (Krungsri).

SB Finance president and chief executive officer (CEO) Abbie Casanova, speaking on the same occasion, expressed optimism about borrowers’ repayment capacity, citing improvements in the country’s employment situation.

Despite the fact that the country’s unemployment rate is likely to climb in 2020 as a result of the pandemic, she claims that the numbers have improved to around 6% last year and are expected to fall to around 5% this year.

After the government enforced its tightest travel restriction, the enhanced community quarantine (ECQ), in the National Capital Region (NCR) and other areas in Luzon from March 17 to April 30, 2020, the unemployment rate rose to a decades-high 17.6 percent in April 2020.

“As a result, the majority of our borrowers are employed.” So now that we’ve seen the traction, that’s one indicator that individuals are more confident in their ability to repay their debts,” Casanova explained.

People “are now in a stronger financial situation to spend and to take out loans to finance their goals” as the economy recovers from the pandemic, according to SB Finance chief risk officer Dominic Notario.

“We see that the overall environment is improving for customers to raise their personal expenditure, as well as to take out extra funding to finance their needs,” he added.

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