New digital-only Overseas Filipino Bank to operate without branches
The Overseas Filipino Bank (OFBank), a state-owned bank and a subsidiary of the Land Bank of the Philippines (LandBank), will become the first ever “digital-only and the country’s first-ever branchless government bank” by Monday, and purposely serve overseas Filipino workers (OFWs) and those who have returned home, a bank official said.
“The new OFBank will be launched as a digital-only and the country’s first-ever branchless government bank. The virtual launch will also introduce OFBank’s new digital account opening platform, and improved website and Facebook page designed for Overseas Filipinos worldwide and their beneficiaries in the Philippines,” Landbank’s Corporate Affairs Specialist Noelle Manansala on Sunday told the PIA-NCR of the launch event to take place amid the COVID-19 pandemic.
“We would like to invite you to the launch of the new Overseas Filipino Bank on June 29 (Monday) at 1:00 p.m. Live stream will be via the official Facebook pages of LandBank(www.facebook.com/ landbankofficial) and OFBank (www.facebook.com/OFBank), and LandBank’s official YouTube channel (https://www.youtube. com/landbankofficial),” Manansala added.
This, after the Bangko Sentral ng Pilipinas (BSP) approved the OFBank’s petition to become a fully branchless, digital lender, capable of providing online lending, investments, insurance, bills payment, and other financial services to overseas Filipinos.
All OFWs who are registered with the Overseas Workers Welfare Administration (OWWA) and the Philippine Overseas Employment Agency (POEA) will be given a bank account with the OFBank.
Among the features and services to be introduced by the OFBank include its mobile payment technology that would allow OFWs who regularly remit money to the Philippines to do it through the platform.
To be able to do this, however, the government had sought regulatory approvals from countries with many OFWs in order for the OFBank to be allowed to operate overseas.
Similarly, the OFBank would offer loan programs to OFWs who are planning to return to the Philippines by helpinh them finance their business or build their homes. (PIA NCR)