23 June 2021
Bangkok (23 June 2021) -- Krungsri (Bank of Ayudhya PCL) and SB Finance (SB Finance Company, Inc.), a joint venture between Krungsri and the Philippines’s SBC (Security Bank Corporation), officially launches a car title loan product called Car4Cash that provides vehicle owners in the Philippines quick access to cash so as to increase their financial liquidity. This is a continuous movement of Krungsri to penetrate and expand its ASEAN market according to the Bank’s aspiration and strategic directions under the medium-term business plan covering 2021-2023.
Mr. Pairote Cheunkrut, Krungsri Chief Strategy Officer said; “Krungsri continues to focus on connecting customers’ needs across ASEAN. With Krungsri’s expertise in risk management and SBC’s knowledge in 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 insight in the Philippines and share our best practice from Thailand, especially in terms of product design and infrastructure development, all of which were customized to suit the Philippines market. Car4Cash is our first product launch following the last month’s SB Finance branding campaign launch. Not only it serves consumer demand at the right timing, but will also create a better customer experience. We are confident that Car4Cash will present an affordable source of funding for vehicle owners and elevate the standard of automotive refinance in the Philippines market. We will also continue to leverage Krungsri’s no.1 position in consumer finance in Thailand to support the growth of SB Finance in the Philippines.”
Car4Cash is a leader in the automotive refinance market in Thailand with competitive advantages including high loan-to-value and low-interest rate offering, along with a simple application process.
Abbie Casanova, SB Finance President and CEO said; “Helping Filipinos bounce back from COVID-19 pandemic is a key element in all the products we plan to launch for SB Finance. Through the expertise of Security Bank in the local market and the success of Krungsri in Thailand on risk management, we are able to craft loan products that are tailored to supporting the success of Filipinos. 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, may it be home improvement, expanding their businesses or increasing financial liquidity.”