Overseas Filipino workers (OFWs) may just have another platform for their financial needs as the Philippine government has announced plans to convert the Overseas Filipino (OF) Bank into the country’s first digital lender by next year.
Inquirer.net citing Finance Secretary Carlos Dominguez reported that the OF Bank will not only functions as a lending institution but will also provide financial services like insurance.
Dominguez is seeing the big potential of the OF Bank given the present 10 million Filipinos living and working overseas.
He emphasized that going the digital way would be much easier compared to the traditional way of banking.
They are reportedly looking at establishing it by June next year.
As of now, LandBank of the Philippines and Bangko Sentral ng Pilipinas are crafting the rules and regulations on digital banking.
