The Philippines launches government-owned OFBank for overseas citizens
The Philippines Department of Finance (DOF) has announced the launch of Overseas Filipino Bank (OFBank), a digital bank allowing customers to complete payments across the globe.
The new bank aims to enrol 2,000 new customers a day.
Land Bank of the Philippines worked with the DOF to create the new bank.
OFBank will operate as a fully-owned subsidiary of LandBank. It will use digital onboarding, including the taking of a selfie, to authenticate new customers.
The new bank offers three types of accounts. Its main account is an OFBank Visa debit card for overseas Filipinos. This is in addition to an account for beneficiaries, as well as an account for children.
According to the Philippine Daily Inquirer, the new bank aims to enrol as many ad 2,000 new customers a day.
Leila Martin, CEO of the new bank, says that the bank aims to serve the financial requirements of overseas Filipinos.
“As the OFBank becomes fully digital, we aim to better serve the banking and financing requirements of our [citizens] abroad, as well as their families here in our country.”
She adds: “Rest assured that OFBank will continuously work on providing safe, reliable and secure digital banking.”
Founded in 1963, Land Bank of the Philippines has a special focus on serving the needs of farmers and fishermen in the country.
Landbank is the fourth largest bank in the Philippines by assets, and is the largest government-owned bank.
It has a network of 365 branches and more than 1,600 ATMs.
Related: UnionBank to tap rural Philippines with 11,000 remittance counters
