The Internet has revolutionized the way we do financial transactions. With its obvious advantages, many Filipinos now favor cashless transactions such as digital banking, online bills payment, and the latest craze, online shopping! And one of the latest players to enter into this market is the digital bank, ING Philippines. It features an all-digital platform that allows you to bank anytime, anywhere!
In our E-Commerce and Digital Marketing bootcamp, we usually introduce Online Payment options for merchants or MSMEs and Freelancers. Certainly, ING Philippines is a good addition to the list.
ING stands for Internationale Nederlanden Groep (International Netherlands Group). A Dutch-origin financial institution with corporate headquarters in Amsterdam, it offers banking, investments, insurance, and other financial services. It serves over 38 million clients, in more than 40 countries across Europe, Asia, and the Americas.
Operating in the Philippines since 1990, ING provides wholesale banking services to international and local corporations. In 2013, they started ING Business Shared Services, Inc. to support their banking operations across the world. The banking institution was then awarded “Best Bank in the World” by Global Finance magazine in 2017. ING is a member of the Philippine Deposit Insurance Corporation (PDIC) and supervised by the Bangko Sentral ng Pilipinas (BSP).
Digital Bank ING Philippines as an All-Digital Platform
Observing that Filipinos are now becoming more tech-savvy, ING launched the first fully digital retail bank in the country last May 21, 2019. Following Malaysia’s CIMB, who also launched their mobile banking app last March 2019, ING was quick to grab the opportunity to serve the needs of “digital-ready” Filipinos.
According to their Bank Country Manager Hans B. Sicat,
“the current economic expansion in the country is a great opportunity for ING to venture into the individual market.”
Mr. Sicat added that
“the Philippines is on its way to becoming an upper middle-income economy this year, with Filipinos projected to have more disposable income.”
Digital technology has transformed traditional banks into a more efficient banking system with an internet connection. With its many features and options, people can now transact business without actually going to the bank.
You can open an ING savings account with no minimum balance and fees. This comes with an amazing interest rate of 2.5% per annum for balances of P10 million and above starting June 1, 2019. Other features offered are:
- Free funds transfers to ANY banks in the Philippines.
- Free and easy check deposit via mobile app.
- Higher interest rate than other banks – 2% per annum for balances up to P5 million.
- 24/7 customer service – through FB Messenger and in-app chat.
How to Open an Account
Interested? Opening an ING savings account is easy. It is fully electronic and can be done using a mobile phone. With just one identification card, facial recognition and random gesture test for enhanced security, you can finish everything using a mobile app. For more information, just follow their guide on how to get started at https://ing.com.ph/getting-started.html.
You can also download their app at:
As a global bank, ING promises to their customers to “make banking clear and easy, available anytime and anywhere, and to keep getting better.” The bank is also planning to offer bills payment on the platform by the end of the year.