Gokongwei’s GoTyme receives BSP nod to operate as a digital bank in PH

Gokongwei-backed GoTyme Bank announced that it had been awarded a Certificate of Authority (COA) to operate as a digital bank by the Bangko Sentral ng Pilipinas (BSP) on 29 July 2022.

The COA issuance is the third and final stage of establishing a digital bank in the country. It signifies that an entity’s processes and infrastructure have already been reviewed by the BSP and were found compliant with the central bank’s regulations, which include the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, and Data Protection Act.

“GoTyme Bank is set to revolutionise digital banking services in the Philippines with safe and secure transactions as certified by the Bangko Sentral ng Pilipinas (BSP),” the digital bank said in a statement.

According to GoTyme, through its high-tech-high-touch approach, its clients can open an account in under five minutes through digital kiosks and avail of banking products and services like bank transfers, shopping rewards, interest savings, trading, investing, and customer service.

GoTyme Bank is a joint venture of Tyme, a multi-country digital banking group, and the members of the Gokongwei Group of companies, which include Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings.

In 2021, the central bank granted licenses to six entities to open digital banks in the country. Aside from GoTyme, the other five digital banks approved by the BSP are Overseas Filipino Bank of Land Bank of the Philippines, neobank Tonik Bank of Singapore, UNObank of Singapore, GOtyme of Robinsons Bank Corp., and Maya Bank of PayMaya.

As of today, the BSP has granted four entities its final go signal to fully operate as a digital bank. The other firms are neobank Tonik Digital Bank of Singapore, Maya Bank of PayMaya, and UnionDigital of Union Bank of the Philippines.

Sources:

https://www.dealstreetasia.com/stories/gotyme-bank-philippines-302498

https://www.techinasia.com/gotyme-set-digital-bank-philippines