Philippines based OFBank Acquires the Country’s First Virtual Bank License

Overseas Filipino Bank (OFBank), which is a wholly-owned subsidiary of the Land Bank of the Philippines (LANDBANK), has managed to acquire an operational license following the introduction of the Bangko Sentral ng Pilipinas’ (BSP) updated virtual banking guidelines.

OFBank was reportedly provided a digital banking license on March 25, 2021 after the institution was approved for the initial phase of the BSP’s three-stage licensing process – which applies specifically to newly launched virtual banks.

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