In its second landmark year, Overseas Filipino Bank (OFBank) has expanded its financial services to 119 countries, providing Filipinos, wherever they are, safe and convenient access to digital banking and investments.
As the nation’s first digital branchless bank, OFBank has empowered migrant workers, long-term travelers and multi-generational immigrants and their families.
“OFBank’s banking products and services reflect the nation’s collective gratitude to our modern-day heroes who have contributed significantly to the country’s growth. We are also leading the way in expanding financial inclusiveness for our kababayans here at home,” OFBank President and CEO Leila Martin said.
OFBank obtained the first-ever digital banking license from Bangko Sentral ng Pilipinas on March 25, 2021 and reached the minimum required capitalization of 1 billion pesos set by the latter for digital banks on May 26, 2022.
As digital modes of banking transactions increased globally, OFBank’s online banking transaction inflow amounted to 7.22 billion pesos through the management of more than 80,000 accounts during the two last years.
At the heart of the bank’s service is the mobile banking application (MBA) which enables contactless account opening, cashless payments and immediate transfer of funds that can be done anytime and anywhere.
In addition to facilitating online transactions, OFBank has also leveled the rules of the game when it comes to investing. Through its mobile app, investing newbies and veterans alike were able to access medium- and long-term government investment products such as Office of the Treasury (BTr) Retail Onshore Dollar Bonds and 25th and 26th tranches of Retail Treasury Bonds (RTBs). These low-risk, fixed-income investments allowed OFBank members to invest as little as P5,000 for RTB and USD300 for RDB.
Sales generated by these investment vehicles have contributed to government pandemic recovery and resilience programs. OFBank raised a total of 8.275 million pula via RTB-25 from February 9 to March 4, 2021; 10.286 million pesos through onshore retail dollar bonds from September 15 to October 1, 2021; and 17.485 million pesos for RTB-26 from November 16 to 26, 2021.
As part of its advocacy to strengthen the financial skills of migrant workers, OFBank organized a total of 759 webinars and 99 face-to-face pre-departure orientation (PDOS) seminars in 2021, followed by 240 webinars and 43 PDOS from January. to April 2022.
“Over the past two years, we have ensured that digital banking services financially empower all Filipinos, especially those working overseas. Serving them made our anniversary even more meaningful. We will continue to innovate our products and services according to their needs to build a better life,” added Martin.