ING strengthens wholesale banking in the Philippines

The firm focuses on sustainable finance, digital investments, and infrastructure.

Despite its exit from retail banking in 2022, ING continues to bolster its presence in the Philippines by concentrating on wholesale banking and global shared services. 

Jun Palanca, Country Manager for ING Philippines, said that while ING pioneered digital retail banking in the country in 2018, the decision to cease this service in 2022 allowed the firm to refocus on its wholesale banking operations. 

“Even when we were doing full retail, we were still providing wholesale banking products to our clients,” Palanca stated. 

ING leverages its key strengths, including sector expertise, a global franchise, and a commitment to sustainability, to deliver innovative solutions for clients. Palanca emphasised, “We continue to provide clients with ideas and solutions that have allowed them to continue to grow their business, both domestically and globally.”

Palanca identified three prevalent trends in the Philippines' banking sector: sustainable finance, digital technology investments, and increased infrastructure financing. Sustainability finance, driven by regulatory initiatives from institutions like the BSP and SEC, has become a focal point. 

Digital transformation is another critical trend, with banks investing in technology to enhance customer experiences and streamline operations. ING aligns with this by providing data-driven solutions that offer a positive environmental impact. “All these investments in technology are really to improve the cost of the customer experience and streamline operations,” said Palanca.

Finally, there is a growing focus on infrastructure financing, aligning with the government's priority to modernise infrastructure. He mentioned that ING actively supports clients with advisory services and bespoke financing solutions for infrastructure projects.

Looking ahead, ING Philippines aims to align its priorities with these industry trends. The bank plans to expand its sustainability solutions, having mobilised €115 billion for clients in 2023 and setting a target of €150 billion by 2027.