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OFBank sees surge in new accounts, transactions

ofbank sees surge in new accounts transactions - OFBank sees surge in new accounts, transactions

OVERSEAS Filipino Bank (OFBank), the country’s first digital-only bank, recorded a surge in new deposit accounts and transactions in its first 100 days.

OFBank President and Chief Executive Officer Leila C. Martin said in a statement that new deposit accounts totalled 12,542, while it processed transactions worth P173.8 million.

OFBank, a subsidiary of state-owned Land Bank of the Philippines, said new depositors include overseas Filipinos in Rwanda, Malta, Belarus, The Bahamas and the Turks and Caicos Islands.

The digital bank has also been receiving deposits from top deployment areas for overseas Filipino workers (OFW), like Saudi Arabia, the United Arab Emirates, Singapore, Hong Kong, Qatar, Kuwait, Taiwan, Italy, Bahrain and Malaysia.

OFBank serves clients from 55 countries and territories.

From the start of its operations on July 9 until Oct. 7, the bank received a total inflows of P173.77 million made up of P108.77 billion in electronic cash flows and P65 million in OFW remittances.

Meanwhile, outflows, such as withdrawals from automated teller machines and electronic banking, reached P121.79 million, resulting in an outstanding balance of P51.98 million as of Oct. 7. — KKTJ

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