The Philippine government launched the Overseas Filipino Bank (OFBank), which aims to help Filipinos employed abroad to send money home faster.
The Department of Finance (DOF) and the LandBank of the Philippines launched OFBank, Monday, June 29, a digital-only bank, which means it has no branches and all transactions are done online. OFBank is targeting to enroll up to 2,000 bank accounts a day among Filipinos living and working abroad to make financial transactions easier and more accessible.
“Despite the global health crisis besetting the country today, our government remains true to its commitment to upholding the welfare of all Filipinos abroad and their families. The launch of OFBank today as a digital-only, first branchless Philippine bank is a testament to this,” OFBank Chair and Landbank CEO Cecilia Borromeo said.
The state-run Land Bank of the Philippines (Landbank) on Monday relaunched its fully owned subsidiary OFBank, which “now utilizes digital onboarding systems 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.
OFWs and their beneficiaries can just submit all requirements online through OFBank’s mobile app.
The applicant will only need to take a selfie and the system will compare this photo with the photo in the valid identification (ID) card uploaded by the client.
Applicants must present at least one of the following valid IDs for scanning and verification purposes:
For overseas Filipinos and overseas Filipino workers:
- Unified Multi-Purpose ID (UMID)
- Professional Regulation Commission (PRC) ID
- Company ID
- Driver’s License
- Government Service Insurance System ID
- OFW ID
- Overseas Workers Welfare Administration ID
- Postal ID
- PRC ID
- School ID
- Senior Citizen ID
- Social Security System ID
- Commission on Elections ID