Korea Exchange Bank and local bank Sun Savings are the latest banks that recently connected 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 Talisay, 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. Todate, 13 banks have availed 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.
From left: Korea Exchange Bank manager Park Heon, general manager Lee Kyung Tae, general manager Park Jeong Sik, BancNet president Roberto Blas, executive vice president and chief operating officer Aristeo Zafra, vice president Elmarie Reyes
From left: Sun Savings Bank treasurer Augusto Gonzales, president Francisco Dizon, BancNet vice chairman Ricardo Chua, president Roberto Blas and executive vice president and chief operating officer Aristeo Zafra, Jr.
