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.