ING Bank to offer consumer lending in 2020

ING Bank N.V. Philippines is planning to offer consumer lending services within its mobile application as the lender goes all out in digital retail banking.

“We are hopeful that consumer lending will be fully operational by 2020,” ING Bank Philippines country manager Hans Sicat told reporters in a media roundtable in Taguig City on Thursday.

“Clearly, it will be offered on the app ... The credit decision will also be made via the app,” Sicat said.

ING Bank Philippines is targeting to launch the in-app consumer lending feature in the second half of 2020.

In November 2018, the Dutch corporate banker entered the consumer banking business through an all-digital savings platform which currently offers a 4% yearly interest rate.

The plan to include lending services to retail clients is part of ING’s goal to be an all-digital bank in the Philippines.

Asked how much will is the minimum and maximum amounts that can be borrowed using the app as well as the interest rate, Sicat said, “We are still calibrating what the appropriate levels are.”

“We will give you the details in due time,” he said.

ING Bank retail clients can make deposits via fund transfers from other banks that are on the PESONet or Instapay platforms.

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

As part of a Christmas promotion, Sicat said clients of ING’s savings platform will receive a P100 rebate per transaction until the end of January 2020.

The bank will shoulder the transfer fees from other banks to ING savings accounts until January 31, 2020, at two transactions per month maximum. —VDS, GMA News