Mom-and-pop stores get digitalization boost
SECURITY Bank Corp. has partnered with business-to-business e-commerce platform MySuki to provide small retailers with supply chain digitization and inventory financing solutions.
鈥淥ur partnership will allow us to empower businesses at the sari-sari store level by providing a financial highway that will support the timely order and delivery of goods,鈥 Security Bank Executive Vice President and Wholesale Banking Segment head John Carry L. Ong said in a statement on Tuesday.
鈥淚n turn, this will enrich the lives of more than one million sari-sari store owners and develop the communities they serve,鈥 he added.
The partnership aims to help mom-and-pop stores succeed in a digital economy through Security Bank鈥檚 financial services and MySuki鈥檚 reach.
MySuki has a network of 300,000 mom-and-pop store users and a gross merchandise value (GMV) of about P2 billion each month.
The collaboration will introduce store owners to integrated financial solutions, including secure payment processing, seamless credit access and faster transaction systems, the Philippine lender said.
The partnership is a giant leap forward in the bank鈥檚 mission to connect and empower the nation鈥檚 1.2 million mom-and-pop stores, it said.
鈥淏y joining forces with Security Bank, we are breaking down barriers to financial inclusion and providing store owners with the tools they need to thrive in an increasingly digital economy,鈥 MySuki founder and Chief Executive Officer Victor Javier said in the same statement.
鈥淭his is not just a business milestone for us but a transformative step for the communities we serve,鈥 he added.
Under the partnership, the bank鈥檚 Focus Segment unit will optimize the flow of goods, information and money within MySuki鈥檚 ecosystem.
鈥淲e believe that when you empower sari-sari stores, you uplift entire communities,鈥 MySuki co-founder Ivan Lanuza said.
鈥淭his collaboration is about more than just technology or banking; it鈥檚 about creating opportunities and driving meaningful change in the grassroots economy,鈥 he added.
The partnership with Security Bank allows them to provide even greater value to mom-and-pop store owners, who are the lifeblood of the Philippine retail industry, he said
The parties are also in talks to add features and services to MySuki, Security Bank said.
Plans for regional expansion and tailored financial solutions are already in the works, ensuring that the benefits of the partnership reach even more communities, it added. 鈥 Aaron Michael C. Sy
