ING Bank eyes to offer consumer lending service in 2021

ING Bank N.V. Philippines is looking at further diversifying its platform as it plans to offer consumer lending service within its mobile application.

During the media launch of ING Pay, ING Philippines head of Retail Mohamed Keraine said “ING Lend” is going to be introduced next year as the bank is going “step-by-step” in offering consumer banking services in its platform.

After launching ING Save in 2018 and ING Pay this month, Keraine said, “[I]t is natural for us to introduce ING Lend.”

He said that the consumer lending service is seen to be “disruptive” in the electronic banking market.

“You can expect that consumer lending will be tackled in the early part of 2021... The date of commercial launch is still to be defined,” he added.

In November 2018, the Dutch corporate banker entered the consumer banking business through an all-digital savings platform.

The plan to include lending services to retail clients is part of ING’s goal to be an all-digital bank in the Philippines. --KBK, GMA News