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Overseas Filipino Bank Gets Country’s First Digital-Only License By Ditas B Lopez Apr 4, 2021
 

The Philippines licensed Overseas Filipino Bank, a unit of state-owned Land Bank of the Philippines, as the the country’s first branchless, digital-only lender.

Overseas Filipino Bank began operating in June last year using its then-existing license to operate as a thrift bank, before obtaining its digital license last month.

Philippine Central Banker Targets Street Stalls in E-Money Push

“This milestone in the country’s banking history not only fulfills President Duterte’s campaign pledge to create a bank that caters to overseas Filipinos, but will also help the Philippines leapfrog to the digital economy,” Finance Secretary Carlos Dominguez said in a statement on Sunday.

Philippines Eyes Cap on Digital Bank Licenses Amid Policy Review



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Source: www.bloomberg.com
 
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