GoTyme Bank, one of the Philippines’ newest digital banks, was granted a Certificate of Authority to operate as a digital bank by the Bangko Sentral ng Pilipinas (BSP) on July 29, 2022.
The certificate indicates that the BSP has already reviewed GoTyme Bank’s processes and infrastructure and determined that they are in accordance with all BSP regulations, including the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, Data Protection Act, and a strong IT Risk Management Framework.
The third and last stage in establishing a digital bank in the country is the issue of a COA. The remaining two processes are submitting an application to the Monetary Board (MB) for Authority to Establish a Digital Bank and receiving Authority to Register from the Securities and Exchange Commission.
GoTyme Bank intends to redefine digital banking services in the Philippines by utilizing BSP-certified safe and secure transactions. According to the digital bank, customers can open an account in less than five minutes using digital kiosks and use banking goods and services such as bank transfers, shopping rewards, interest savings, trading, investing, and customer service.
Tyme, a multi-country digital banking business, has formed a joint venture with members of the Gokongwei Group of enterprises, notably Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings, Inc. to form GoTyme Bank. Visit its official Facebook page by clicking here.