GoTyme Gets Green Light From BSP to Begin Operations as Digital Bank in the Philippinesby Fintech News Philippines August 1, 2022
GoTyme announced that it had secured its Certificate of Authority (COA) to operate as a digital bank by the Bangko Sentral ng Pilipinas (BSP) on 29 July 2022.
The issuance of a COA is the third and final stage involved in establishing a digital bank in the country.
BSP has reviewed GoTyme’s processes and infrastructure and deemed it compliant with all of its regulations including the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, Data Protection Act and a robust IT risk management framework.
The digital bank said in a statement,
“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).
With a high-tech-high touch approach, GoTyme Bank clients can open an account in under five minutes through digital kiosks and avail of banking products and services such as better 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, with members of the Gokongwei Group of companies, namely Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings.