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Philippines to have a digital bank soon

The Philippine government plans to convert the Overseas Filipino (OF) Bank into the country’s first digital lender by mid-2020 to serve 10 million Filipinos living and working overseas. According to Cecilia C. Borroemo, chief executive of LandBank of the Philippines, which owns OF Bank, it is proposed to transform the bank into a branchless digital bank, and efforts are being made to complete the necessary legal formalities with the Bangko Sentral ng Pilipinas. The digital OF Bank will also provide a platform for bills payment, Borromeo said. He added that the potential customers of the OF Bank – overseas Filipinos – are more than 10 million already.

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