Question 1

What is AllBank?

Accepted Answer

AllBank is a thrift bank in the Philippines that provides specialized financing products and services to working-class Filipinos, entrepreneurs, and Micro, Small, and Medium Enterprises (MSMEs). Formerly known as Optimum Development Bank, Inc., the bank operates with the tagline "Work hard, bank easy," reflecting its commitment to making banking accessible and convenient for its target market. As of 2024, AllBank operates 16 branches and 27 ATMs across the Philippines, with total assets of approximately 10.7 billion pesos.

AllBank is regulated by the Bangko Sentral ng Pilipinas (BSP) and is a member of the Philippine Deposit Insurance Corporation (PDIC), ensuring deposit protection for account holders.

Question 2

When was AllBank founded?

Accepted Answer

AllBank was rebranded and established in its current form in August 2017. The bank was formerly known as Optimum Development Bank, Inc., which had been operating in the Philippines for several years prior to the rebranding.

The transformation to AllBank occurred after the bank was acquired by George Ty, a prominent Chinese-Filipino businessman and the founder of Metropolitan Bank and Trust Company (Metrobank). The Bangko Sentral ng Pilipinas approved the corporate name change in July 2017, and the Securities and Exchange Commission approved the amended articles of incorporation in August 2017. The bank officially began operating under the AllBank name on August 18, 2017.

Question 3

Where is AllBank headquartered?

Accepted Answer

AllBank is headquartered in Mandaluyong City, Metro Manila, Philippines. The main office is located at the AllBank Building, EDSA corner Cornell Street, Barangay Wack Wack, Mandaluyong City.

Question 4

Where does AllBank operate?

Accepted Answer

AllBank operates primarily in Luzon, the largest and most populous island in the Philippines. The bank has established a strategic presence in key provinces and cities across Metro Manila and surrounding regions.

The bank's branch network includes locations in Metro Manila (Mandaluyong, Las Piñas, Taguig), Cavite (Dasmariñas, General Trias, Imus, Kawit, Molino, Bacoor), Bulacan (Guiguinto, Malolos, San Jose Del Monte), Bataan (Balanga), Laguna (Santa Rosa), and Pampanga (San Fernando). Many of AllBank's branches are strategically located within Vista Malls and AllHome stores, making banking services accessible to shoppers and communities in these commercial centers.

Question 5

What services does AllBank offer?

Accepted Answer

AllBank provides a comprehensive range of banking services tailored to its target market of working-class Filipinos and small business owners. The bank offers various deposit products including savings accounts, ATM savings accounts, time deposit accounts, and checking accounts with competitive interest rates.

On the lending side, AllBank provides personal loans, salary loans, business loans, commercial loans, home loans, car loans, and agricultural loans designed to meet diverse financing needs. The bank also offers local and international remittance services, including Western Union transactions.

AllBank has invested significantly in digital banking infrastructure. The bank offers the AllBank Mobile Banking App, corporate internet banking, electronic Know Your Customer (E-KYC) services, and e-wallet integrations. The bank provides InstaPay and PESONet fund transfer services, enabling customers to transfer funds 24/7 to other participating banks. AllBank has also introduced innovative payment solutions including QRPh-P2M (QR Philippines Person-to-Merchant) payments, allowing customers to pay merchants by scanning QR codes through the mobile app.

The bank has launched specialized prepaid card products including the Cash Card and GIG Card, the latter designed specifically for freelancers and gig workers in partnership with 4Gives and Qwikwire Billing Systems.

Question 6

What makes AllBank unique?

Accepted Answer

AllBank distinguishes itself as a pioneer in digital payment innovation in the Philippine banking sector. The bank became the first financial institution in the Philippines to adopt ISO 20022, an international standard for financial messaging, in September 2021.

AllBank was also the first thrift bank selected by the Bangko Sentral ng Pilipinas to participate in the QRPh Person-to-Merchant (P2M) payment facility pilot program in 2021. The bank was chosen by BSP to perform the official public demonstration of QRPh-P2M at its launch in October 2021, with BSP Governor Benjamin Diokno in attendance. AllBank has since become a leader in QR payment adoption, with over 2,300 QRPh terminals and 100+ merchants across the country.

The bank's strategic partnerships with numerous fintech companies and payment platforms—including UnionPay International, Dragonpay, PisoPay, RePay, V5Pay, SKYPAY, MPay, Salmon, Pays0, UMI Technologies, JustPayTo, PearlPay, and UBX Philippines—demonstrate its commitment to expanding digital payment options and financial inclusion. AllBank also collaborates with Villar SIPAG for corporate social responsibility programs focused on livelihood training and poverty alleviation.

The bank's customer-centric approach, embodied in its "EASY" commitment (Excellence, Accessibility, Service, and You are our priority), reflects its dedication to making banking less burdensome for working-class Filipinos.

Question 7

What type of financial institution is AllBank?

Accepted Answer

AllBank is classified as a thrift bank in the Philippines. Thrift banks, also known as savings and mortgage banks, occupy a distinct category in the Philippine banking system between commercial banks and rural banks.

Under Philippine banking regulations, thrift banks are specialized institutions that focus on promoting savings and providing financing to individuals, MSMEs, and specific sectors such as housing and agriculture. They are authorized to accept deposits, extend credit, and perform many of the same functions as commercial banks, but typically serve a more localized market and have a stronger orientation toward community development and financial inclusion. AllBank exemplifies this thrift bank model by concentrating on working-class Filipinos and small business owners, offering them accessible banking products and competitive rates while maintaining a commitment to community development in the areas where its branches operate.

AllBank

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About AllBank in the Philippines