OFBank thriving on expat Filipino demand for RTBs
Overseas Filipino Bank (OFBank), the digital-only subsidiary of Land Bank of the Philippines, is thriving on Pinoy expatriates’ appetite for investing in government debt, with the funds raised through retail Treasury bonds doubling through 2021.
Now operating for the second year, OFBank is providing financial services to Filipinos spread out across 119 countries.
The so-called neobank’s clients include migrant workers, long-term travelers and multi-generational immigrants as well as their families.
Leila Martin, president and chief executive of OFBank, said in a statement the new player’s performance so far showcases that digital banking and investments can be accessed safely and conveniently by all Filipinos regardless of location.
OFBank was the first digital bank given a license by the Bangko Sentral ng Pilipinas on March 25, 2021. A year later, last March 26, it attained the required P1 billion minimum capitalization set for digital banks.
OFBank’s inflow of online banking transactions has reached a total of P7.22 billion from servicing more than 80,000.
Aside from facilitating online transactions through its mobile app, OFBank has also provided a venue for overseas Filipinos to invest in medium to long-term government debt instruments such as retail treasury bonds.
—RONNEL W. DOMINGO
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