State-run Land Bank of the Philippines has announced that transactions facilitated through its six major electronic channels grew by 21% in volume and 36% in amount in 2020 from 2019.
Digital bank ING Philippines announced on Tuesday, Nov. 24, the launch of its payment account “ING Pay” that is designed to make digital payments more convenient and secure.
Analytics software firm Fico has released a new survey which found that the complexity and cost of validating the identity of digital banking customers are the top pain points for banks in the Philippines.
Digital banking platform provider Backbase announced on Tuesday, Oct. 6, the appointment of Aileen Lopez Sanchez as the country sales manager for the Philippines.
The national government, spearheaded by the Department of Finance and Landbank, has launched the Overseas Filipino Bank (OFBank) as a digital-only, first branchless government bank that allows overseas Filipinos to perform banking transactions anytime and anywhere in the world.
The study showed that digital account opening is rapidly becoming the norm in the Philippines, with 76 percent of consumers saying they would open some kind of financial account online.
The 168-year-old Bank of the Philippine Islands (BPI) said it is on an “inflection point” towards massive sea-change with digital transactions now far outstripping traditional branch transactions.
