BDO Unibank and Japan’s Shinkin Central Bank (SCB) have agreed to develop a business cooperation envisioned to benefit the Japanese bank’s small and medium enterprises (SMEs) clients already operating in the Philippines and those eyeing the country as a potential investment destination.
BDO, the country’s largest bank to date, will potentially provide banking services, which may include financial facilities, cash management and payment
services, foreign exchange and other treasury products to SCB’s diversified SME clients.
Hiroshi Sudo, managing director at SCB, bared confidence the business partnership will be beneficial and strengthen further the economic ties between the two countries.
“BDO is the most desirable partner, which is what our customers are looking for,” Sudo said at the recent signing ceremony of the memorandum of understanding.
Founded in 1950, SCB functions as the central financial institution in Japan for cooperative regional financial institutions, known as shinkin banks. It occupies a well-established position in Japan’s financial industry as it supports the growth of the shinkin banking industry, which serves SMEs and local residents whose membership totals 264 nationwide.
Aside from the nationwide coverage, SCB has a subsidiary in London and four representative offices in New York, Hong Kong, Shanghai and Bangkok.