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ING unveils digital bank in the Philippines
It offers 2.5% interest rate on savings.
ING Bank has launched a digital-only bank in the Philippines as part of its efforts to penetrate the tech-savvy market, according to local media reports.
Also read: Philippine banks boost tech in push for financial inclusion
From June 1, ING Bank Philippines will offer 2.5% interest for savings on its mobile app. There is no maintaining balance, no lock-in period and no minimum amout to earn interest in the savings account.
Users can sign up on their mobile phones using a valid ID. The verification process is powered by facial recognition technology and also incorporates a random gesture test to strengthen security.
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