Krungsri (Bank of Ayudhya Pcl) and SB Finance (SB Finance Inc), a joint venture between Krungsri and SBC (Security Bank Corporation) of the Philippines, launched a car title loan product called Car4Cash that provides vehicle owners in the Philippines with loans.
"Krungsri continues to focus on connecting customers' needs across Asean," said Pairote Cheunkrut, Krungsri's chief strategy officer. "With Krungsri's expertise in risk management and SBC's knowledge of the local market, we specifically developed and designed the Car4Cash auto loan product to serve customers' needs in the Philippines.
"Since 2020, our team from Krungsri Auto has been closely working with SB Finance to gather customer insights in the Philippines and share our best practices from Thailand, especially in terms of product design and infrastructure development, all of which were customised to suit the Philippines market."
Car4Cash is the latest product launch following last month's SB Finance branding campaign.
"Helping Filipinos bounce back from the pandemic is a key element in all the products we plan to launch for SB Finance. Through the expertise of SBC in the local market and the success of Krungsri in Thailand in risk management, we are able to craft loan products that are tailored to supporting the success of Filipinos," he said.
"A key competitive advantage of Car4Cash is that we only safekeep the OR/CR [Official Receipt and Certificate of Registration] of clients and we do not encumber them. We want clients to feel assured that their vehicle remains their property while they use the funds they receive from our loan product to fund their needs, be it home improvement, expanding their businesses or increasing financial liquidity," said Abbie Casanova, SB Finance's president and chief executive.