Mohur, PostBank deal kick starts shift to digital banking
In a bid to make itself more competitive and keep abreast with the fast changing technological advancements in the banking industry, PostBank, has inked a memorandum of agreement (MOA) with Mohur Inc., one of the fastest rising Financial Technology (FinTech) Companies in the country. With the MOA, PostBank, the country’s oldest government bank, is now embracing innovative digital solutions to better serve its existing and future customers, particularly overseas Filipino workers (OFWs), Small and Medium Enterprises (SMEs) and ‘unbanked’ Filipinos in rural areas. Mohur is a Remittance Platform Provider registered with the Bangko Sentral ng Pilipinas (BSP) and Anti-Money Laundering Council (AMLC) while PostBank, formerly known as Philippine Postal Bank, is in the process of becoming an OFW Bank, once acquired by Landbank of the Philippines, the country's largest government bank, as it seeks approval from Securities and Exchange Commission (SEC), Monetary Board (MB) and BSP. ...