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Overseas Filipino Bank (OFBank) launched by DOF and LANDBANK as a digital-only bank

Overseas Filipino Bank, OFBank, Philippines, Department of Finance, DOF, governmentThe Overseas Filipino Bank (OFBank) has been launched by the Philippine government, spearheaded by the Department of Finance (DOF) and the Land Bank of the Philippines (LANDBANK). It is the first branchless national government bank which is a digital-only bank that enables clients to complete banking transactions anytime and anywhere across the globe.

“Despite the global health crisis besetting the country today, our government remains true to its commitment of upholding the welfare of all Filipinos abroad and their families. The launch of OFBank today as a digital-only, first branchless Philippine bank is a testament to this,” OFBank Chair Borromeo said.

The IBS Intelligence FUTURE OF DIGITAL BANKING REPORT 2020 Q1 report, states that challenger banks do not face impediments by legacy technology and outdated processes. These neobanks are here to save the day from bloated incumbents who may have taken their customers for granted for way too long.

A fully-owned subsidiary of LANDBANK, OFBank utilises the Digital Onboarding System with Artificial Intelligence (DOBSAI) to facilitate real-time account opening via the OFBank’s Mobile Banking Application. The new digital account opening platform allows overseas Filipinos (OFs), overseas Filipino workers (OFWs) and their beneficiaries to securely and conveniently submit all requirements online.

Also, read: UnionBank bridges the gap for unbanked Filipinos amidst COVID-19 times

“As the OFBank becomes fully digital, we aim to better serve the banking and financing requirements of our kababayans abroad, as well as their families here in our country. Rest assured that OFBank will continuously work on providing safe, reliable and secure digital banking,” OFBank President and CEO Martin said.

There are 3 types of accounts available in OFBANK’s DOBSAI – the OFBank Visa Debit Card for OFs and OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old. These are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance (ADB), as well as dormancy fee. To earn interest, the accounts need to have a daily balance of P500.00.

“We’re extremely pleased to join our valued partner, OFBank in this launch to support OFWs, OFs and their beneficiaries. The reintroduction of OFBank as a digital-only, branchless Philippine bank is extremely timely when Filipinos are becoming more digital, and our research also shows that close to 80% of Filipinos are interested to use services from a digi-bank…” said Dan Wolbert, Visa Country Manager for the Philippines and Guam.

The OFBank Visa Debit Card allows cardholders, specifically the beneficiaries of OFs and OFWs, to receive secure and convenient real-time fund transfers using Visa Direct, Visa’s real-time payment solution through the 16-digit card number.

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