ING to discontinue mobile app access

MANILA, Philippines — Dutch financial giant ING Bank is set to discontinue access to its mobile banking app on Oct. 26 as it slowly winds up its retail banking products and services to exit the consumer banking space in the Philippines before the end of the year.

The bank said inward fund transfers via InstaPay or PESONet including QR (quick response) services, fund transfers between ING accounts, and bills payments would only be available until Aug. 31.

Likewise, plastic and virtual Visa debit card services including online, in-store, and ATM transactions plus card issuance as well as mobile check deposits and bank certificate request would no longer be available starting Sept. 1.

“Kindly also note that access to the ING mobile banking app will be discontinued by Oct. 26, 2022, 12 p.m.,” the bank said in its website.

ING will charge clients a one-time processing fee of P1,000 per funded account given the additional process to manage the closed accounts and the unclaimed balances after the mobile banking app is discontinued.

If an account has less than P1,000, the fee would be equal to the balance left in the account.

To claim remaining funds after Oct. 26, ING said customers would be required to visit ING’s office in person and follow required procedures including submission of additional requirements.

According to ING, clients could continue to transfer funds via the mobile banking app to any ING account through InstaPay or PESONet without any transaction fees.

“By Oct. 26, 2022, 12 p.m., the ING mobile banking app will be discontinued and all ING accounts including funded accounts will be closed,” the bank said.

Last June 24, ING announced that it is exiting the retail banking market in the Philippines. It was the second foreign bank to leave the country’s consumer banking segment after global banking giant Citi that sold its business to Aboitiz-led Union Bank of the Philippines.

ING is further investing in wholesale banking business and expanding its global  shared services operations.

The bank has been present in the Philippines since 1990, serving corporate and institutional clients. It has around 120 employees in both wholesale and retail banking in the country.

The Dutch financial giant ventured into the retail banking space in late 2018 and currently serves more than 380,000 customers with savings accounts, current accounts, and consumer lending.

ING’s retail business in the Philippines was intended as the first step and foundation for a broader Asia retail banking plan. Since its launch in 2018, the business has demonstrated good  progress, commercial momentum and growth potential.