More than a year after it commenced operations, Land Bank of the Philippines’ digital-only savings bank catering to overseas Filipinos is now serving clients from a total of 113 countries and territories as of May 31, 2021.
In a statement, Landbank said its wholly-owned subsidiary Overseas Filipino Bank (OFBank) marked its first successful year as a branchless digital-only bank.
OFBank commenced banking operations in June last year.
Landbank said OFBank onboarded clients in more than 100 countries, including the top 10 destinations for the deployment of overseas Filipino workers (OFWs), namely Saudi Arabia, United Arab Emirates (UAE), Singapore, Hong Kong, Qatar, Kuwait, Taiwan, Italy, Bahrain, and Malaysia.
Another milestone for OFBank is recording a cash inflow also reached P1.51 billion, composed of P849.9 million and P657 million in domestic and remittance inflows, respectively.
Meanwhile, total outflows from withdrawals via over-the-counter (OTC), automated teller machines (ATMs) and electronic banking amounted to P1.25 billion, yielding the OFBank an outstanding balance of P256.3 million as of end-May 2021.
OFBank officially became the very first digital bank in the Philippines after securing a digital banking license from the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) on March 25, 2021.
“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 digital-only facility, the OFBank utilizes the Digital Onboarding System with Artificial Intelligence (DOBSAI) which allows OFWs and other Filipinos overseas and their beneficiaries to open a mobile banking deposit account online through supported mobile devices.
Digital services available to OFBank account holders include fund transfers, bill payments, and government bond purchases.
“OFBank has become a trailblazer in the country’s banking industry with its innovative products and services. We strive to continuously upgrade our operations, systems, and processes to deliver accessible and responsive banking solutions for Filipinos worldwide,” said OFBank president and CEO Leila Martin.
The Landbank said OFBank is on track to enhance its mobile banking app with the inclusion of more payment merchants and the addition of a card-less withdrawal feature, among other enhancements. —Ted Cordero/KBK, GMA News