JuanHand Partners with SeaBank Loans Channelling in the Philippines

Tuesday 28 November 2023 13:05 CET | News

Philippines-based online lending platform JuanHand has signed a loan channelling agreement with SeaBank to augment financing in the Philippines.


JuanHand has signed a loan channelling agreement with SeaBank to augment financing in the Philippines.

Increasing access to financing for Filipinos

To give more financial access to those who need it the most, WeFund Lending, owner of the JuanHand app, recently signed a loan channelling agreement with SeaBank Philippines. With this collaboration, SeaBank plans to provide around 300 million pesos of loan capital to eligible borrowers via the JuanHand app. SeaBank is a fully licensed rural bank by the BSP and a subsidiary of SEA, one of the largest consumer tech companies in Asia.

The agreement was signed on 20 September 2023, by WeFund Lending President and and SeaBank. This marks a milestone as one of the first cross-institution loans channelling financing structures in the country.

Officials from JuanHand said they are happy to have been selected by SeaBank Philippines as one of its first loan channelling partners in Philippines. With this partnership, JuanHand will sustain its momentum as the premier fintech loan app providing an easy way for Filipinos to access cash, leading to a better financial well-being.

Since the introduction of JuanHand in 2019, it has had over 10 million downloads, over 6 million registrations and has approved close to 3 million loans. JuanHand offers loans from USD 36 to up to USD 902, payable within 30 to 120 days. JuanHand can approve loans in less than 5 minutes and can disburse cash to the borrower’s bank or e-wallet in less than 45 seconds.

JuanHand is a fintech platform known among its customers as an easy-to-use app with a friendly and always available customer service team. And with partners like SeaBank, JuanHand continues to fulfil its mission of providing financial empowerment to every member. The JuanHand app can be downloaded via Google Play or App Store.

Previous news from Seabank

In July 2023, SeaBank revealed that it will be adjusting its high-interest rate to 4.5% per annum for the first USD 4510. This new rate will take effect on July 13, 2023.

Previously, SeaBank offered interest rates as high as 6%, but later reduced it to 5% starting from March 2023. Now, customers will experience a further decrease to 4.5%.

SeaBank emphasised that any amount exceeding USD 4510 will continue to earn a 3% p.a. interest rate. Additionally, the bank highlighted various key features such as free transfers to other banks, e-wallets, round-the-clock customer service, and discounts on load top-ups.

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Keywords: lending, partnership, financial inclusion, fintech, digital wallet
Categories: Banking & Fintech
Companies: JuanHand, SeaBank
Countries: Philippines
This article is part of category

Banking & Fintech




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