GoTyme gets BSP nod to start digital bank operations
The partnership between the Gokongwei Group and Singapore-based digital banking group Tyme received the go signal from the Bangko Sentral ng Pilipinas (BSP) to bring high-quality digital banking services to the Philippines.
The regulator awarded GoTyme Bank the certificate of authority to operate as a digital bank on July 29.
The issuance of the certificate is the third and final stage involved in establishing a digital bank in the country. The digital bank earlier completed the filing of an application for the authority to establish a digital bank with the BSP and the issuance of the authority to register with the Securities and Exchange Commission.
This signifies that the BSP has already reviewed GoTyme Bank’s processes and infrastructure and deemed them compliant with all of BSP’s regulations including the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, Data Protection Act and a robust IT Risk Management Framework.
GoTyme Bank is set to revolutionize digital banking services in the Philippines with safe and secure transactions as certified by the central bank.
Once live, GoTyme Bank clients will be able to open an account and receive a free personalized debit card in less than five minutes via digital kiosks located in Robinsons Malls and Robinsons Supermarkets.
The bank promises to deliver high-quality banking products and services such as better savings interest rewards, fund transfers, trading and investing, as well as 24/7 customer support via call, chat, or e-mail.
GoTyme Bank is a joint venture of the Gokongwei Group of companies, namely Robinsons Bank, Robinsons Land Corp., and Robinsons Retail Holdings Inc. as well as multi-country digital banking group Tyme.
GoTyme Bank aims to unlock its customers’ financial potential with the convenience and security of digital banking. It combines the ease of immediate account opening with a personalized debit card released through kiosks located in shopping malls throughout the Philippines, plus the power of self-serve financial solutions accessible through an intuitive “all in one” banking app.