Gov’t-owned digital bank posts 300 daily account openings

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The state-owned digital-only Overseas Filipino Bank (OFBank) has registered about 300 account openings a day since its mobile app was launched last June 29, its president and chief executive officer Leila Martin said.

In an interview during the “Laging Handa” public briefing aired over PTV on Friday, July 19, Martin noted that the number of daily account opening is still small since the launch of the mobile app, which is available in both Google Play and Apple Store.

“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. However, account holders can get their OFBank ATM cards from the various branches of Landbank, OFBank’s mother bank, she added.

Martin said 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. She said 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.

Martin said having an OFBank account is also more inclusive since it does not require a maintaining balance. She added fund withdrawals that are more than the daily limit could be done over-the-counter at Landbank branches.

Martin said the mobile app also has a Mobilock facility that account holders need to voluntarily lock to keep their accounts safe in case their mobile phones get lost. — Joann Villanueva (PNA)

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