MANILA, Philippines – Over two decades since setting up shop in the Philippines as a wholesale bank, Dutch financial services corporation ING has entered retail banking using a pioneering all-digital platform that offers attractive deposit rates alongside a string of “game-changing” features.
“The Philippines is on the road to become an upper middle income economy and Filipinos have more disposable income,” ING country manager Hans Sicat said during the launch of the digital platform on Tuesday.
“ING wants to encourage more Filipinos to save by giving an attractive interest rate of 2.5 percent per annum with no minimum amount and no lock-in period. We want to help promote a healthy savings mindset and with our high interest rate, to help Filipinos achieve their savings goals faster.”
ING’s local mobile banking platform had gone live last year but since then fine-tuned to incorporate customer feedback prior to this grand launch. Effective June 1, interest rate will be raised to 2.5 percent from 2 percent per annum – about 10 times higher than the rates typically offered by other savings products in the market today.
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“This is a great time for ING to get into all-digital banking given that the Philippine growth story was presenting a lot of opportunity not just in the corporate market long-served by ING but also in the individual space”, Sicat said in a press briefing.
He added that this rollout was very timely given that a lot of Filipinos are digital natives, referring to the country’s vast pool of young people who are comfortable with online technology.
