MANILA, Apr. 3 -- The Overseas Filipino Bank (OFBank) has officially become the first branchless digital-only bank in the country’s history after securing a digital banking license from the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP). A wholly owned subsidiary of the Land Bank of the Philippines (LANDBANK), the OFBank was able to commence its banking operations in June last year using its then existing license to operate as a thrift bank. The MB issued the OFBank's digital banking license last March 25. Finance Secretary Carlos Dominguez III said “this milestone in the country’s banking history not only fulfills President Duterte’s campaign pledge to create a bank that caters to overseas Filipinos, but will also help the Philippines leapfrog to the digital economy.”