Korea Exchange, Sun Savings latest to connect to BancNet-A A +A
Sunday, October 6, 2013
KOREA Exchange Bank and local bank Sun Savings are the latest banks to connect to BancNet, the country’s largest electronic banking network.
Korea Exchange Bank is the Manila Office of the largest foreign exchange bank in South Korea and South Korea’s fifth largest bank in terms of assets. Its ATM’s are located at its Head Office at the Zuellig Bldg. in Makati City and in the Clark Freeport Zone in Pampanga.
Sun Savings, on the other hand, is based in Cebu. It caters to the banking needs of teachers and other employees, agribusiness and other small and medium enterprises.
There are now two Korean banks in BancNet’s roster of members, the other being Tong Yang Savings Bank. Based in Makati City, the bank is majority owned by the Tong Yang Group of Korea. It has three ATM’s at its head office, Alabang and Ortigas branches.
Korea Exchange Bank and Tong Yang Bank largely cater to the growing number of Korean expatriates in the Philippines.
Because of these banks’ membership with BancNet, their ATM cardholders can now enjoy anytime, anywhere cash withdrawals through more than 14,000 ATM’s nationwide, pay bills, buy prepaid reload, pay for purchases online or at thousands of stores, among other electronic banking services, using their ATM cards.
These three banks have outsourced their ATM infrastructure to BancNet. There have been 13 banks that have availed themselves of BancNet’s outsourcing services, enabling them to offer ATM, Internet, mobile and payment-at-point-of-sale (POS) services without the huge investments needed to set up their own switch systems.
BancNet now has 110 members and affiliates, including other foreign banks in the country namely Citibank, Standard Chartered Bank, HSBC, Deutsche Bank and foreign-bank subsidiaries Maybank and Chinatrust. (PR)
Published in the Sun.Star Cebu newspaper on October 07, 2013.