ING enters retail market through digital platform, offers 2.5% interest rate

Corporate banker ING Bank N.V. Philippines is entering the consumer segment through an all-digital platform, offering a 2.5% interest rate per year.

During a press conference following the platform's formal launch on Tuesday in Taguig City, ING Philippines country manager Hans Sicat said the bank's entry into retail space is an opportunity for ING to expand its presence in the country by taking advantage of the young and digital savvy population.

"The Philippines is on the road to become an upper-middle income economy and Filipinos have more disposable income. ING wants to encourage more Filipinos to save by giving an attractive interest rate of 2.5% per annum with no minimum amount and no lock-in period," Sicat said.

To open an account, one needs to download the ING app and enter necessary information. At least one government-issued ID is required to be presented to verify identification.

ING Philippines head of retail Mohamed Keraine said deposits can be made via fund transfers from other banks that are on the PESONet or Instapay platforms.

Customers can also deposit checks, issued by any bank based in the Philippines, into their account by taking a picture of the check.

"The check image goes to the same interbank check clearing system. This game-changing feature is the first ever approved by the Philippine Clearing House Corp.," Keraine said.

Ben Issa, ING chief information officer for retail banking in Asia, said that the bank's digital platform is secured and compliant with global and Bangko Sentral ng Pilipinas' standards.

Keraine said ING will offer more digital products in the future such as the possibility of offering lending services to the retail segment and payments. — BM, GMA News