Security Bank Corporation announced that it has partnered with e-money provider MarCoPay (MCP) to provide seafarers and their families with preferential rates for Auto and Home Loan offerings. Users of the app can avail of Security Bank’s Auto Loans for as low as 5.27 percent add-on interest rate and Home Loans for as low as 6.25 percent interest rate per annum.
Established in 2019, MCP is owned by Japan’s largest shipping company NYK Line through a joint venture(JV) with Transnational Diversified Group of the Philippines.
The JV hopes to provide seafarers with better financial services through the eWallet platform. MCP counts amongst its investors MUFG Bank, Ltd. (MUFG), a strategic partnership entered in March 2022 to leverage on the global bank’s network for value-added opportunities. MUFG is also the strategic partner to Security Bank since 2016.
“We are pleased to partner with MCP to be able to offer our Filipino seafarers with greater options and flexibility when it comes to getting a car or home for them and their loved ones in the Philippines. Through MCP’s strategic partnership with MUFG, we have been able to offer our products to their users through the MUFG connection,” says Rahul Rasal, Retail Product Group Head at Security Bank.
MCP operates an eWallet app that is significantly invested in research and technology to innovate onboard money transactions using a secure digital solution. Prior to acquiring its most recent investor, MUFG, MCP had also welcomed a third investor, Marubeni Corporation, in 2021. This further strengthened MCP’s goal in continuously providing value-added services and contributing to the improvement of the seafarers and their families’ living environment.
“We at MarCoPay are very excited to offer these loan deals to our customers. Through the help of Security Bank, we can greatly contribute to the dreams of Filipino seafarers to buy their dream house or get the car they want without all the hassle,” says MCP President, Toshiaki Fujioka.
