OFBank Reached ₱7.22 Billion Over the Past Two Years

The OFBank or Overseas Filipino Bank Inc has declared its online banking transactions in over 119 countries from more than 80,000 accounts and has hit over ₱7.22 billion in the last two years.

The Philippines’ first branchless digital-only bank has announced that they reached the needed ₱1 billion minimum capitalization set by the Bangko Sentral ng Pilipinas (BSP) for virtual banks last May.

OFBank was able to hit its target a year after it obtained its digital banking license from the BSP last March 2021.

In BSP’s Circular Letter 2022-044, the Monetary Board approved OFBank’s application to convert its banking license from a thrift bank to a digital bank. The OFBank began its digital bank operations last April 2022.

OFBank President and CEO, Leila C. Martin mentioned in a statement that the services and products of state-run lender Landbank of the Philippines “reflect the collective gratitude of the nation to our modern-day heroes who have significantly contributed to the country’s growth.”

“We are also paving the way to expand financial inclusivity for our kababayans here at home,” said Ms. Martin.

OFBank’s mobile app features cashless payments and fund transfers to different locations and time zones. The bank has stated that its app was downloaded over 148,000 times and this is only predicted to go up as the economy opens up.

Aside from online transactions, the bank said that it has upgraded its investment offerings, which provides more opportunities for Filipinos to grow their money.

Back in 2021, those interested in investing were able to get hold of the OFBank mobile app

“For the past two years, we have seen to it that digital banking financially empowers all Filipinos, especially those working overseas,” Martin said. “Serving them has made our anniversary even more meaningful. We will continue to innovate our products and services relevant to their needs towards building better lives.” says the bank.

Source: Business Mirror