(Bloomberg) -- The Philippines licensed Overseas Filipino Bank, a unit of state-owned Land Bank of the Philippines, as the the country's first branchless, digital-only lender.
Overseas Filipino Bank began operating in June last year using its then-existing license to operate as a thrift bank, before obtaining its digital license last month.
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“This milestone in the country's banking history not only fulfills President Duterte's campaign pledge to create a bank that caters to overseas Filipinos, but will also help the Philippines leapfrog to the digital economy,” Finance Secretary Carlos Dominguez said in a statement on Sunday.
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