Migrant workers’ bank digitizes financial services

The Overseas Filipino Bank marked its second year leveraging technology to enable a better user experience for Filipinos everywhere.

As the Philippines’ first branchless digital-only bank, OFBank has expanded its financial services to 119 countries, empowering migrant workers, long-term travelers, and multi-generational immigrants and their families. As a development partner, the Bank also guides clients to make smarter decisions about their future through money management advice via online and offline financial literacy webinars.

“OFBank’s banking products and services reflect the collective gratitude of the nation to our modern-day heroes who have significantly contributed to the country’s growth. We are also paving the way to expand financial inclusivity for our kababayans here at home,” OFBank president and chief executive officer Leila Martin said.

OFBank secured the very first digital banking license from the Bangko Sentral ng Pilipinas on 25 March 2021 and attained the required P1 billion minimum capitalization set by the latter for digital banks on 26 May 2022. As digital modes of banking transactions increased globally, OFBank’s inflow of online banking transactions totaled P7.22 billion from servicing more than 80,000 accounts over the past two years.

At the core of the bank’s service is the Mobile Banking Application, which enables contactless account opening, cashless payments, and immediate transfer of funds that can be done anytime and anywhere.

The MBA’s current 148,000 downloads are further expected to increase as the world continues to navigate the global pandemic, such as the post-pandemic redeployment of OFWs into their host countries; the increase of their remittances; and the reopening of borders encouraging more significant travel.

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