OFBank lures 12K accounts

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    More than 12,000 new deposit accounts were opened in the first 100 days of the Philippines’ first digital-only and branchless Overseas Filipino Bank (OFBank), with P173.8 million transacted online, the Department of Finance (DOF) said in a statement yesterday.

    The DOF said Leila Martin, OFBank president and chief executive officer, reported to Finance Secretary Carlos Dominguez that 12,542 online accounts were opened by depositors based in 55 countries and territories.

    These new depositors include overseas Filipinos based in Rwanda, Malta, Belarus, The Bahamas and the Turks and Caicos Islands.

    OFBank accounts were also opened in the top 10 countries and territories for deployment of overseas Filipino workers (OFW).

    These are the OFW-depositors in Saudi Arabia, United Arab Emirates, Singapore, Hong Kong, Qatar, Kuwait, Taiwan, Italy, Bahrain and Malaysia, Martin said.

    In its first 100 days of operation from July 29 to October 7, the OFBank reported electronic cash inflows of P108.77 million and OFW remittances of P65 million coursed through the bank, for total inflows of P173.77 million.

    Total outflows such as withdrawals done via automated teller machines and electronic banking amounted to P121.79 million, leaving the bank with an outstanding balance of P51.98 million as of October 7, Martin said.

    Since its launch last June 29, the bank has so far conducted 44 webinars to drum up interest about its services and educate overseas Filipinos about the importance of saving and investing to improve their financial literacy, she added.

    According to Martin, the webinars also became a venue for the rollout of OFBank’s promotional campaign, in which participants were each provided with a P100-credit in their accounts opened during the online sessions, to demonstrate to them the convenience of doing inbound and outbound fund transfers via electronic means.

    “We also harnessed the power of social media in engaging customers and in encouraging overseas Filipinos to open accounts with OFBank via our mobile banking app,” she said.

    The OFBank Mobile Banking app, available on both IOS and Android devices, received high feedback ratings, the DOF said.

    Meanwhile, the app includes a Premyo Savings Bond Facility, which allows investors to purchase these retail bonds in five minutes or less.

    An eMulti-Purpose Loan facility will also be made available in the app once the Overseas Workers’ Welfare Administration signs a memorandum of agreement with the OFBank regarding the loan parameters of the program, Martin said. – Angela Celis