ING to offer online-only loan applications starting next year

ING Philippines will set up a fully digital loan application early next year and it will be one of the first online-only banks to offer loan products in the country.

- LEE C. CHIPONGIAN

The Dutch bank on Tuesday launched its no-fees payment account ING Pay to “empower customers as they look for a safer and more efficient way to make payments and transactions in the midst of the pandemic,” said Hans Sicat, ING country manager. ING Pay is its second major product, after ING Save account introduced in 2018.

Sicat said the launch of the 100 percent digital ING Pay “is a major milestone in driving further usage of digital banking services and transactions” and it will promote financial inclusion and digitalization in the Philippines.

In December last year though, before the COVID-19 health crisis was declared a global pandemic, Sicat already announced that after the payment account is launched, the consumer loan products will be next. The pandemic delayed the launching of these two products.