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Gov’t launches online bank for OFWs

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.