ING rolls out all-digital platform

ING BANK N.V.-Manila has ventured into the retail segment in the country by launching an all-digital banking service.

In a statement sent to reporters on Monday, the bank said it has rolled out its all-digital savings bank in the Philippines via mobile phone application.

ING’s digital platform allows customers to open a savings account through their mobile phones. The savings account does not require any minimum amount and maintaining balance.

Clients can also put money into the bank account through mobile check deposit and transfer money for free through PESONet, an automated clearing house initiated by the central bank.

“Globally, ING is known for pioneering ‘branchless banking’ since 1997 and is positioned as a leading digital bank in Europe and Australia. We are very excited that our expertise in digital banking is now also available to Filipino consumers,” said Hans B. Sicat, ING Bank country manager for the Philippines.

He added that the Philippines is the “most digital-savvy country in Southeast Asia” and that more Filipinos are looking for convenient ways to bank, based on the bank’s market research.

“We believe that Filipinos’ receptiveness to digital banking will continue to grow and the roll-out of initiatives under the National Retail Payment System would fuel this growth.”

“As the first all-digital bank in the Philippines, ING is in a sweet spot to champion digitalization in the banking sector and offer customers the most convenient way to bank,” Mr. Sicat added.

Late last month, Malaysian financial giant CIMB Bank formally launched its banking operations in the country through an all-digital and mobile-first retail bank.

ING Bank is a global financial firm offering retail and wholesale banking services in over 40 countries. It has been operating in the Philippines as an wholesale lender since 1990.