Earlier this month, the Australia and New Zealand Banking Group Limited (ANZ) and the Philippines’ own Security Bank signed a “network extension partnership” or NEP.
Through this joint venture, Australia’s fourth largest bank can capitalize on Security Bank’s portfolio of cash management products and services such as bills payments, check-cutting, government statutory payments, and payroll processing for its institutional clients operating out of the Philippines.
In exchange, Security Bank intends to leverage on ANZ’s global presence and established links to formidable multinational corporations as it works toward continually delivering its pitch on “Better Banking.”
“Through our multi-awarded cash management products and services, we make banking as simple and convenient as possible without sacrificing security,” Security Bank Executive Vice President and Transaction Banking Group Head Daniel Yu was quoted saying, “We are excited to be able to offer those products and services to ANZ.
The Philippines-based bank was hailed as the country’s “Best E-bank” last year by The Asset Awards, Asia’s preeminent recognition for companies that have shown excellence in their respective industries. The Banker, the Financial Times’ renowned international Banking and Finance publication, also bestowed upon it the title of “Bank of the Year – Philippines” within the same period.
Present at the signing ceremony were Security Bank’s EVP and Transaction Banking Group Head Daniel Yu, EVP and Wholesale Banking Segment Head Eduardo Olbes, Acting Chief Executive Officer Charles Rodriguez, Financial Institutions Group Head Boyet Santiago, President and CEO Alfonso Salcedo, Jr., and ANZ Bank’s Payments and Cash Management Head Francyn Stuckey.
One can only hope that this PH-AU deal will be the first of many that can further cater to the money transfer needs of all parties either country. With more and more Filipinos working remotely for clients from all over the world and with OFW’s in Australia continuously sending remittances to their families in the homeland, faster, safer, and more convenient ways of transmitting money will certainly be met with much enthusiasm.