ING to exit retail banking business in the Philippines just before 2022 ends.


It pioneered the “retail banking” experience and opening an account does not require minimum balance.

Recently, ING, a digital bank, announced that the company would be ceasing retail banking operations in the Philippines, causing questions among its users, which the company answered in its FAQ and social media pages.

On its website, the company said its Wholesale Banking and global shared services operations would not be affected by this change. The company said that its reason for the exit from the country is “the uncertain global macro situation in the last few years” that caused them to “re-assess its scalability as a standalone business [in the Philippines]”. The company rest assured its users that their funds and investments are safe and accessible.

Right now, ING users can still use the mobile app to do routine activities such as transfers, sending, or receiving cash. The company would announce in the future what could happen with their accounts. When a user terminates their account, their data would also safely be deleted in accordance with the company’s privacy statement as well as regulating bodies. Those with incompatible devices, such as Huawei phones, users can contact the company to help them close their accounts.

The company also terminated its referral program last 11th June and will no longer entertain the opening of new accounts. In addition, pending new accounts might get canceled.

There were reports of users having difficulty in accessing their accounts. ING has acknowledged this in a follow-up post and as of today, the app is again up and running.

The entire FAQ could be read through this link