Global bank ING, a Europe-based financial institution in the Philippines for 30 years now, offered Filipinos the first all-digital bank in November 2018. A year later, its country manager Hans B. Sicat said he is astounded by how fast digital savings are growing with over a million downloads since it started.
“We’re seeing a huge pick up and that’s an indicative that Filipinos want to save more,” said Sicat. Sicat expects to have more retail clients in 2020, their second year, especially when they launch two products: Consumer loans and a payments proposition. The latter will be offered first or within the first quarter period, while the lending business will start in the second quarter of 2020.
The bank certainly made it fast, convenient and safer for new customers, and if a new account holder has a balance of up to P10 million, they will enjoy four percent interest rate per annum until January 31, 2020. They are also giving ₱100 rebate per electronic transfer transaction.