East West Banking Corporation (EastWest Bank) has launched a debit card for small and medium enterprises (SMEs) powered by Visa as it looks to expand its offerings to the sector.
The EastWest BizAccess Visa debit card, unveiled on Tuesday, comes with a checking account and an online platform where SME owners can manage funds for their business.
The checking account must have a minimum balance of P25,000. Meanwhile, the EasyBiz online business banking platform allows business owners to view balances, monitor transactions, pay suppliers and manage their cash flow, including processing government payments through eGov, paying corporate bills and other transactions.
“A lot of our business banking customers are already SMEs. What this gives us now is really a step up in the offering. With Visa's capability, EasyBiz in terms of online, we can provide the additional value added services and offers that a small business normally needs to not only start, but to thrive… So, the real battle is really to get more into this area because at the end of the day they really are the backbone of the economy,” Chief Executive Officer of EastWest BankFIceer Jerry G. the NGO said at a media briefing.
By the end of 2023, there were approximately 1.2 million micro, small and medium enterprises in the Philippines, accounting for more than 99% of business establishments and about 66% of total employment in the country.
“We have already realized that a lot of our customers are already using our services for their businesses… We are looking forward to formalizing this through this initiative – through this new set of products, services and value proposition,” Mr Ngo said.
He said they want to help provide financing to SMEs who want to expand their businesses.
“You've been running your business for three to five years, but you want to grow it. At that time, you really need money. You need capital. You need access to credit – access to the ability to grow massively. And in many instances, if you haven't kept your data clean or you've got it mixed up, that's different.FIt is not appropriate for the bank to assess this. It is difficult to accept this. And so that's what we were trying to encourage right now, to get that conversation going, because if you need to get started and move forward, this is the time when you really need access to the formal banking sector.
Business owners can issue up to ten EastWest BizAccess Visa debit cards to their employees.
It also features travel accident insurance, transaction notifications and access to special visa promos And rewards for SME customers.
EastWest Bank is also offering welcome deals and waiving over-the-counter fees for deposits and withdrawals for the card.
The online business banking platform also allows cardholders to lock and unlock their cards.
EastWest Bank's attributable net income in the second quarter rose 28.51% year-on-year to P2.297 billion, driven by its consumer segment.
This brought its first semester profit to P4.13 billion, up 18.51% from the same period last year.
The bank's shares closed at P11.42, up two centavos or 0.18% on Wednesday. , AMC Sy
