All-digital OFBank serving clients from 113 countries, territories: Landbank

ABS-CBN News

Posted at Jul 06 2021 12:52 PM | Updated as of Jul 07 2021 11:53 AM

MANILA - Landbank of the Philippines on Tuesday said its all-digital bank unit Overseas Filipino Bank (OFBank) is now serving clients from 113 countries and territories.

This means overseas Filipino workers (OFWs) in covered countries, including top destinations Saudi Arabia, United Arab Emirates (UAE), Singapore, Hong Kong, Qatar, Kuwait, Taiwan, Italy, Bahrain, and Malaysia can do their banking online, the Landbank said in a statement.

So far, the bank's cash inflow has reached P1.51 billion, composed of P849.9 million and P657 million in domestic and remittance, respectively, it said.

Outflows from withdrawals via over-the-counter, automated teller machines (ATMs) and electronic banking reached P1.25 billion, it said.

OFBank is the first among the 3 financial institutions to have been granted digital bank licenses by the Bangko Sentral ng Pilipinas. 

“The transformation of OFBank as a branchless digital-only bank has allowed it to serve the diverse requirements of overseas Filipinos abroad and their families back home, providing them a convenient, reliable, and secure banking experience,” said OFBank Chair and LANDBANK President and CEO Cecilia Borromeo.

As a branchless bank, onboarding is done digitally, allowing OFWs and overseas Filipinos and their beneficiaries to open a deposit account online through mobile devices, it said.

With the OFBank, clients can conduct fund transfers, pay bills and purchase government bonds. 

The BSP earlier said several firms have also filed applications to operate their own digital banks. 
 

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