Southern Commercial Bank NV

What Southern Commercial Bank NV does

Southern Commercial Bank N.V. (operating as SouthComm Bank / SCOM) is a privately held commercial bank headquartered in Paramaribo, Suriname, founded circa 2010 and serving retail individuals, minors, and business clients across the country. Its product portfolio centers on prepaid card issuance — four Mastercard variants and UnionPay USD and EUR cards accepted in over 180 countries — alongside a savings account suite (child, study, personal), insurance, personal/auto/business loans, and bank transfer services. The bank monetizes primarily through transaction-based fees: card issuance and load fees, USD/EUR cash deposit fees (2% and 3% respectively), foreign exchange margins on SRD-USD conversions, and savings float.

Underlying the offering is a digital banking stack anchored by the Uni5Pay+ mobile payment application (consumer wallet) and Uni5Pay+ Merchant App, both supporting biometric authentication, QR-based merchant payments, peer-to-peer transfers, utility bill pay (EBS, Telesur, SWM), and mobile airtime top-ups for Digicel and Telesur. The bank participates in the national SNEPS Fast Payments rail coordinated by the Centrale Bank van Suriname, with an industry-wide roadmap to enable 15-minute, 24/7 interbank settlement by end of 2026. Distribution is hybrid: digital self-serve onboarding for cards plus a Tourtonnelaan #33 branch for cash deposits and card pickup, with Uni5Pay+ wallet cash-in supported through Telesur branches, Speedwire Money Exchange, and Moneyline N.V. locations across Suriname. Cross-border remittance reception from Europe is enabled via the Paysend integration onto UnionPay cards.

Name

Southern Commercial Bank NV

Legal name

The Southern Commercial Bank N.V.

Website

https://southcommbank.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Cross-border Payments, FX & Multi-currency Checkout (CRAFAJAF), Cross-Border & FX Payments Platforms (BPAMAFAK), Cross-border Payments & FX for E-commerce (CRAFALAF)

Headquarters

HQ city

Paramaribo

HQ country

Suriname

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Prepaid Card Fees: Revenue generated from prepaid card issuance fees, loading/Top-up fees, and transaction fees on Mastercard and UnionPay prepaid cards used for payments, online shopping, and travel worldwide.
2. Savings Account Services: Interest-earning savings accounts for individuals and minors, with various savings purposes (children's savings, study savings, personal savings). Minimum initial deposit of SRD/EUR/USD 100.
3. Deposit Fees: Collection of deposit fees: 2% for USD deposits and 3% for EUR deposits at bank locations.
4. Currency Exchange: SRD-USD conversion services for prepaid card top-ups with published exchange rates.
5. Insurance Products: Insurance services protecting individuals and loved ones against accidents.
6. Lending Products: Personal loans, auto financing, and business loans offered to customers (though personal loans currently marked as unavailable online).

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels6 records

Core offering

Southern Commercial Bank NV is a privately held commercial bank in Suriname providing retail and corporate banking products including Mastercard and UnionPay prepaid cards (USD and EUR variants), the Uni5Pay+ mobile payment wallet, multi-currency savings accounts, accident insurance, personal/auto/business loans, and interbank transfers via the national SNEPS Fast Payments system. The bank serves retail individuals (Particulier), business clients (Zakelijk), and minors through digital applications, a branch office, an Uni5Pay+ store, and partner cash-deposit networks across Suriname.

Product overview

Southern Commercial Bank NV operates as a multi-product financial services institution in Suriname, offering a unified banking platform with multiple integrated product lines. The core offering centers on prepaid card products (Mastercard and UnionPay in USD/EUR variants) complemented by the Uni5Pay+ mobile payment app (digital wallet with QR payments, bill services, and money transfers), savings accounts (child, study, and personal variants), insurance products, transfers, and various loan products. The product portfolio is interconnected—prepaid cards can be managed within the Uni5Pay+ app, and all services share the bank's digital banking infrastructure for cross-product functionality.

Differentiator

Problem solved

Functional benefit

Brands

• Uni5Pay+: Mobile payment app allowing users to make payments, transfer money, pay utility bills (EBS, Telesur, SWM), purchase airtime, and link prepaid cards for payments.
• UnionPay Prepaid Cards
• Mastercard Prepaid Cards

Products and services

• Mastercard Prepaid Cards Prepaid Mastercard cards enabling worldwide online shopping, travel bookings, and in-store payments, with four card variants for different customer needs.
• UnionPay USD Prepaid Card
• UnionPay EUR Prepaid Card
• Uni5Pay+ Payment App Mobile wallet application for QR payments at local merchants, bill payments (EBS, Telesur, SWM), money transfers, mobile airtime top-ups (Digicel, Telesur), and prepaid card linking with Face/Touch ID authentication. Tiered wallet limits (Level 2: SRD 15,000 / USD 500; Level 3: SRD 150,000 / USD 5,000).
• Uni5Pay+ Merchant App
• Savings Accounts (Children, Study, Personal)
• Accident Insurance
• Money Transfers (Overmakingen)
• Lending Products (Personal, Auto, Business)
• Corporate Prepaid Card (Zakelijke Prepaidkaart)
• Paysend Cross-Border Remittance Service enabling customers to receive money from Europe directly onto their UnionPay prepaid card through the Paysend partnership.
• Currency Exchange (SRD-USD Conversion)

Quantifiable outcome

• Prepaid cards accepted in over 180 countries worldwide
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• MastercardcoreTechnology or IntegrationSouthern Commercial Bank NV offers Mastercard prepaid cards enabling customers to shop online, book travel, and pay worldwide. Four types of Mastercard prepaid cards are available, serving as a core product offering.
• UnionPaycoreTechnology or IntegrationSouthern Commercial Bank NV issues UnionPay prepaid cards (USD and Euro variants) accepted in over 180 countries. This is a flagship product partnership for international payments.
• PaysendcoreTechnology or IntegrationPaysend partnership enables customers to receive money from Europe directly on their UnionPay prepaid card, providing cross-border remittance capabilities.
• TelesurminorChannel Partner/ Reseller/ DistributorTelesur provides branch locations where customers can top up their Uni5Pay+ wallet with cash. Also enables mobile airtime purchases through the Uni5Pay+ app.
• Speedwire Money Exchange N.V.minorChannel Partner/ Reseller/ DistributorSpeedwire Money Exchange provides cash deposit locations for Uni5Pay+ wallet top-ups at all their branches throughout Suriname.
• Moneyline N.V.minorChannel Partner/ Reseller/ DistributorMoneyline provides cash deposit locations for Uni5Pay+ wallet top-ups at all their branches throughout Suriname.
• Centrale Bank van SurinamecoreOthersThe Central Bank of Suriname oversees SNEPS Fast Payments system, which Southern Commercial Bank participates in for faster interbank transfers. The joint ambition is for 15-minute, 24/7 transfers by end of 2026.
• Surinaamse BankiersverenigingminorOthersThe Surinamese Banking Association coordinates SNEPS Fast Payments implementation across all banks in Suriname, enabling faster transfers between all participating banks.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Wise (formerly TransferWise): Global multi-currency and cross-border payments platform. Comparable as a multi-currency payments provider whose EUR-to-card remittance rail overlaps directly with Southern Commercial Bank's Paysend-powered inbound transfers onto UnionPay prepaid cards.
• Lemon Bank: Digital-first Caribbean-focused bank offering prepaid and wallet products with multi-currency support. Comparable as an emerging fintech bank targeting underbanked Caribbean segments with card and mobile-wallet propositions similar to Uni5Pay+ and UnionPay prepaid cards.

Broad incumbents

• Sagicor Financial: Caribbean financial services group offering banking, insurance, and investments across the region. Comparable as a Caribbean incumbent offering savings and insurance products similar to Southern Commercial Bank's Sparen and Verzekeren lines.
• Republic Bank (Suriname / Caribbean): Large Caribbean banking group with regional operations including Suriname. Comparable as a regional incumbent offering retail deposits, cards, and digital banking that overlaps with Southern Commercial Bank's product set at greater scale.
• CIBC FirstCaribbean International Bank: Regional Caribbean commercial bank with broad retail, corporate, and digital banking across multiple Caribbean markets. Comparable as an established regional incumbent offering savings, cards, and payment services across the same Caribbean corridor.
• Scotiabank Caribbean: Global bank with established Caribbean retail and commercial banking operations. Comparable as a regional incumbent providing cards, deposits, transfers, and digital banking in the Caribbean geography Southern Commercial Bank serves.

Direct peers

• Paysend: Cross-border remittance and card-issuance fintech with whom Southern Commercial Bank is partnered. Comparable as a card-based cross-border payments provider serving similar cross-border EUR-to-Suriname use cases through prepaid card rails.
• De Surinaamsche Bank (DSB): Suriname's oldest commercial bank providing retail, corporate, and treasury services. Directly comparable as a domestic competitor serving the same Surinamese Particulier and Zakelijk segments with savings, transfers, and cards.
• Hakrinbank: One of Suriname's incumbent commercial banks offering retail and corporate banking, savings, and payment services. Directly comparable as a domestic Surinamese commercial bank competing for the same retail and SME deposits and payment flows.

Others

• Western Union: Global cross-border money transfer and payments network. Comparable as an alternative remittance corridor serving Surinamese diaspora flows that compete with Southern Commercial Bank's Paysend inbound EUR-to-card offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@southerncommercialbank5224
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• LinkedInlinkedin.com/company/southern-commercial-bank-nv

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Southern Commercial Bank NV