Enroll with a selfie: Philippine government launches neobank

The bank aims to gain up to 2,000 new customers on a daily basis

the Philippines

Enroll with a selfie: Philippine government launches neobank. Source: shutterstock.com

The Philippines Department of Finance will launch Overseas Filipino Bank (OFBank) which will operate as a subsidiary of Land Bank.

Land Bank’s network includes 365 branches and over 1,600 ATMs. It’s the 4th largest bank across the Philippines in terms of assets.

According to information, OFBank will use digital enrollment, such as taking selfies to authenticate new clients.

The system will compare selfies with the photograph in the submitted identification card. The client can immediately carry out transactions as soon as the account number is issued.

Besides, the bank provides 3 types of accounts with OFBank Visa debit cards for overseas Filipinos as a main.

We’ve reported that Societe Generale has announced the acquisition of French-based startup Shine for nearly €100 million.

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