Gov’t launches online bank for OFWs

Eyes enrollment of 2,000 bank accounts per day via mobile app

By: Ben O. de Ver, Philippine Daily Inquirer, 30 June 2020

Overseas Filipino Bank (OFBank) is targetting to enroll up to 2,000 bank accounts a day among Filipinos living and working abroad as the digital-only and branch-less lender unveiled its mobile app to make financial transactions easier and more accessible.

The state-run Land Bank of the Philippines (Landbank) on Monday relaunched its fully owned subsidiary OFBank, which “now utilizes digital onboarding system with artificial intelligence (Dobsai) to facilitate real-time account opening via the mobile banking application.”

The new digital account opening platform allows overseas Filipinos, overseas Filipino workers (OFWs) and their beneficiaries to securely and conveniently submit all requirements online, Landbank said in a statement.

“Opening an account using Dobsai via the OFBank mobile banking app is safe and secure. The applicant will only need to take a ‘selfie’ and the system will compare this photo with the photo in the valid identification card uploaded by the client. The app likewise has advanced encryption and security technology that protects sensitive information,” Landbank said.

In a text message, Landbank president and chief executive Cecilia C. Borromeo said they were targetting “an average of 2,000 new accounts opened per banking day—more so when the community quarantine is lifted.”

Borromeo, who also chairs OFBank, said all of these bank accounts would be preferably opened online or using the mobile app as the lender only had one physical office—its head office in Manila.

OFBank is making available three types of bank accounts via Dobsai: OFBank Visa debit card for overseas Filipinos and OFWs; OFBank Visa debit card for beneficiaries, and OFBank debit card for beneficiaries below 18 years old.

“These are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance as well as dormancy fee. To earn interest, the accounts need to have a daily balance of P500,” Landbank said.

OFBank Visa debit card allows cardholders, specifically the beneficiaries of overseas Filipinos and OFWs, to receive secure and convenient real-time fund transfers using Visa Direct, Visa’s real time payment solution through the 16-digit card number, according to Landbank.

OFBank account holders can use OFBank’s mobile facility to transfer funds to their beneficiaries’ OFBank and Landbank accounts, free of charge. Interbank fund transfers, on the other hand, are subject to a service fee of P25 per transaction via InstaPay and P15 per transaction via PesoNet. INQ