Finance
Security Bank, JuanHand tie up for financial inclusion in Philippines
Filipino lender Security Bank has signed a credit facility agreement with WeFund Lending, the operator of fintech cash lending app JuanHand in Philippines.
This partnership aims to bolster financial inclusion by providing Filipinos with accessible financial solutions.
JuanHand app users can now apply for loans by providing basic personal information and one valid ID.
Utilising Finvolution group’s proprietary AI technology, borrowers are said to get loan approvals in under five minutes, without collateral or the need to upload proof of income or a billing address.
The signing event was attended by Security Bank executive vice president John Cary L. Ong and assistant vice president and relationship manager Earvin Lucido.
Finvolution and WeFund Lending were represented by chief financial officer Alexis Xu and CEO Francisco “Coco” Mauricio.
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Cary L. Ong said: “We are grateful for the opportunity to be part of the JuanHand family. We resonate with JuanHand’s vision of one family with one heart that gives Filipinos a helping hand with their financial needs.”
JuanHand, operated by WeFund Lending, has disbursed over PHP 40bn in loans and boasts over 12 million registered users.
“Coco” Mauricio stated: “We are thrilled that Security Bank chose JuanHand as their first fintech lending company partner. By giving us their trust and confidence, this truly exemplifies Security Bank’s commitment to rapidly expand financial inclusion for all underserved Pinoys. Security Bank’s support helps fulfil our mission of being a helping hand for every Juan.”
In November 2024, Security Bank signed an agreement to acquire a 25% stake in HC Consumer Finance Philippines, also known as Home Credit Philippines.
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