MAKATI, Philippines — Samsung Electronics and Union Bank of the Philippines have launched Samsung Finance Plus, a new financing platform aimed at making premium Galaxy devices more accessible to Filipino consumers.
The program, introduced during a joint event held at the Manila Penninsula in Makati, highlights financial inclusion and accessibility, particularly for the unbanked population. It uses real-time decision technology to offer loans directly in stores, ensuring a seamless process for buyers.
Empowering Through Innovation
Min Su Chu, President of Samsung Electronics Philippines, emphasized the program’s potential to elevate lifestyles through technology. “Samsung Finance Plus is about enabling dreams and creating an inclusive space where every Filipino can access premium technology,” Chu said.
Union Bank’s Institutional Banking Head, Ana Aboitiz Delgado, echoed the sentiment, describing the collaboration as a milestone in redefining financial accessibility. “We aim to combine Samsung’s global technology expertise with Union Bank’s leadership in digital banking to empower more Filipinos,” she stated.
How It Works
Consumers can apply for financing at Samsung stores using a digital tablet. The process requires just one valid ID and includes instant approval powered by Union Bank’s systems. Approved applicants receive reminders and updates via the Samsung Finance Plus app, which also allows convenient repayment options.
Key features include:
- Low Down Payments: Starting at 0% for eligible customers
- Flexible Payment Terms: Ranging from 6 to 24 months
- Loanable Amount: Up to ₱120,000, enough for Samsung’s latest Galaxy devices
Bridging Gaps in Financial Access
Benralph Yu, Samsung Philippines’ Channel Innovations Lead, noted that the Philippines has one of Southeast Asia’s lowest banking penetration rates. “Samsung Finance Plus addresses this gap, offering financial mobility to those with limited credit access,” Yu explained.
The partnership also introduces advanced security features, including Samsung KnoxGuard, which locks devices in rare cases of non-payment, ensuring a balance between consumer protection and responsible credit use.
Expanding Horizons
Samsung and Union Bank plan to extend the program to more stores nationwide and include additional product lines, such as TVs and appliances. By 2025, they aim to enhance the platform with online pre-approval processes and customizable financing solutions.
“This is about more than technology or banking,” said Blue Avelino, Head of Mobile Experience at Samsung Philippines. “It’s about making Filipino lives easier and more empowered.”
With this initiative, Samsung and Union Bank continue to lead the way in combining technology and finance for inclusive growth.