Money

OFW bank gets first-ever digital bank license from BSP

The government-owned Overseas Filipino (OF) Bank secured the first-ever digital banking license issued by the Bangko Sentral ng Pilipinas (BSP).

The government-owned Overseas Filipino (OF) Bank secured the first-ever digital banking license issued by the Bangko Sentral ng Pilipinas (BSP).

OFBank, a subsidiary of the state’s Land Bank of the Philippines, said Sunday that it secured the Monetary Board’s go-ahead for full operations. This is the first license of its kind to be approved by the BSP after issuing this regulation only a few months ago.

The thrift bank opened in June 2020 to fulfill President Rodrigo Duterte’s campaign promise to serve the needs of overseas Filipinos, including remittances.

According to the DOF, OFBank’s electronic banking inflows reached 45,997 accounts as of end-2020 for transactions worth P467 million. Meanwhile, 62,633 accounts transacted a total of P372.41 million outward.

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