THE Overseas Filipino Bank (OFBank) announced that it is now serving clients from 113 countries and territories a year into its operation.
These include the top 10 destinations for the deployment of overseas Filipino workers, namely Saudi Arabia, United Arab Emirates, Singapore, Hong Kong, Qatar, Kuwait, Taiwan, Italy, Bahrain, and Malaysia.
A wholly-owned subsidiary of the Land Bank of the Philippines, the OFBank is the first digital-only and branchless government bank.
“The transformation of OFBank as a branchless digital-only bank has allowed it to serve the diverse requirements of overseas Filipinos abroad and their families back home, providing them a convenient, reliable, and secure banking experience,” OFBank Chair and LandBank President and CEO Cecilia C. Borromeo said.
As a digital-only facility, the OFBank utilizes the Digital Onboarding System with Artificial Intelligence which allows OFWs and other Filipinos overseas and their beneficiaries to open a mobile banking deposit account online through supported mobile devices.
Digital services available to OFBank account holders include fund transfers, bill payments, and government bond purchases. The bank also reported earlier that its cash inflow reached P1.51 billion, composed of P849.9 million and P657 million in domestic and remittance inflows, respectively.
Total outflows from withdrawals via over-the-counter, automated teller machines and electronic banking amounted to P1.25 billion, yielding the bank an outstanding balance of P256.3 million as of end-May 2021.
During the Bureau of the Treasury’s (BTr) Premyo Bonds 2 offering from November to December 2020, a total of 3,517 transactions amounting to P40.7 million were also transacted through the bond purchase feature of the OFBank’s mobile banking application (app).
A total of 380 transactions worth P8.3 million were also coursed through the bank’s mobile app for the BTR’s 25th Tranche of the Retail Treasury Bonds or RTB-25 issuance from February to March 2021.
“OFBank has become a trailblazer in the country’s banking industry with its innovative products and services,” OFBank President and CEO Leila C. Martin said. “We strive to continuously upgrade our operations, systems, and processes to deliver accessible and responsive banking solutions for Filipinos worldwide.”