GOV'T OWNED DIGITAL BANK PROSPERS

The  Overseas Filipino Bank (OFBank), a digital-only government bank affiliated with the Land Bank of the Philippines has registered about 300 account openings a day since its mobile application was launched last June 29, OFBank president and chief executive officer (CEO) Leila Martin said.

In an interview during the Laging Handa public briefing aired over PTV on Friday, Martin said the number of daily account opening is still small since the operation of its mobile app, which is available in both Google Store and Apple Store, began.

“Pero mula ho nang nagbukas kami ng application na ito sa digital banking, sa araw-araw po ay nakakatanggap na kami ng 300 new accounts opening dito sa bagong platform natin.

At galing ho siya sa maraming mga bansa. Kahit ho sa United States, sa Southeast Asia, Japan, Korea (But since we started operating the mobile app, we have been receiving about 300 new account openings daily. Account applications came from several countries, such as the United States, Southeast Asia, Japan, and Korea),” she said.

Martin said the process of bank opening is done virtually since the bank does not have a physical branch. The ATM cards can be had from Land Bank branches.

The  OFBank currently has three ATM deposit account products – the account for overseas Filipinos, the OF beneficiary account for those aged 18 years and above, and the regular debit ATM account for OF beneficiaries who are at least seven years old but less than 18 years old.

She considered it a need for Filipinos overseas to have an online account linked to their beneficiaries’ accounts in the Philippines for them to directly send funds or to be able to directly pay bills and make similar transactions.

Martin said the OFBank already has partnerships with more than 500 billers, such as power and water utility firms and schools.

Opening an OFBank account is easy because all one has to do is to download the mobile app and fill up the required information to complete the account application, she said.