LANDBANK Launches OFBank, a Digital-Only, Branchless Bank

The Department of Finance (DOF) and the Land Bank of the Philippines (LANDBANK), has launched the Overseas Filipino Bank (OFBank) as a digital-only, first branchless Philippine government bank that allows clients to complete banking transactions anytime and anywhere across the globe.

The OFBank virtual launch was streamed live on Facebook and was led by Finance Secretary Carlos G. Dominguez, OFBank Chair and LANDBANK President and CEO Cecilia C. Borromeo, OFBank President and CEO Leila C. Martin, Visa Country Manager for the Philippines and Guam Dan Wolbert, and the respective Board of Directors of OFBank and LANDBANK.

The event was hosted online by TV personality Gretchen Ho.

“Despite the global health crisis besetting the country today, our government remains true to its commitment of 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 Borromeo said.

The OFBank, a fully-owned subsidiary of LANDBANK, now utilizes Digital Onboarding System with Artificial Intelligence (DOBSAI) to facilitate real-time account opening via the OFBank’s Mobile Banking Application. The new digital account opening platform allows overseas Filipinos (OFs), overseas Filipino workers (OFWs) and their beneficiaries to securely and conveniently submit all requirements online.

Opening an account 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 (ID) card uploaded by the client. The app likewise has advanced encryption and security technology that protects sensitive information.

There are three types of accounts available in OFBANK’s DOBSAI: the OFBank Visa Debit Card for OFs and OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old. These are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance (ADB), as well as dormancy fee. To earn interest, the accounts need to have a daily balance of P500.00.

The OFBank Visa Debit Card allows cardholders, specifically the beneficiaries of OFs and OFWs, to receive secure and convenient real-time fund transfers using Visa Direct, Visa’s real time payment solution through the 16-digit card number.

“We’re extremely pleased to join our valued partner, OFBank in this launch to support OFWs, OFs and their beneficiaries. The reintroduction of OFBank as a digital-only, branchless Philippine bank is extremely timely when Filipinos are becoming more digital, and our research also shows that close to 80% of Filipinos are interested to use services from a digi-bank. We are glad to show our support to this community by enabling beneficiaries of OFWs and OFs to receive money in real-time by seamlessly and securely using the 16-digit OFBank Visa debit card, which they can also use to make face-to-face and online payments wherever Visa is accepted.” said Dan Wolbert, Visa Country Manager for the Philippines and Guam.

OFBank account holders can use OFBank’s mobile facility to transfer funds to their beneficiaries’ OFBank and LANDBANK accounts, free of charge. Interbank fund transfers, on the other hand, are subject to a service fee of P25.00 per transaction via InstaPay and P15.00 per transaction via PesoNet.

The OFBank has also introduced its modified website – www.ofbank.com.ph.

“As the OFBank becomes fully digital, we aim to better serve the banking and financing requirements of our kababayans abroad, as well as their families here in our country. Rest assured that OFBank will continuously work on providing safe, reliable and secure digital banking,” OFBank President and CEO Martin said.