GoTyme Bank has secured the Certificate of Authority from BSP.
GOTYME BANK — The Gokongwei-backed digital bank has secured the Certificate of Authority from the Bangko Sentral ng Pilipinas (BSP).
GoTyme Bank has secured the necessary license from the central bank to operate as a digital bank by completing the final stage in establishing operations in the Philippines.
According to the firm, the BSP awarded its Certificate of Authority (COA) last July 29 after a review of its infrastructure and processes.
GMA News Online reported that the COA issuance is the third and final stage in putting up a digital bank in the Philippines, indicating that the lender is compliant with regulations involving the Anti-Money Laundering Act, the Bank Secrecy Act, the Data Protection Act, and the Customers Protection Act.
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In an emailed statement obtained by GMA News Online, the firm said that it is set to “revolutionize digital banking services” in the country with secure and safe transactions as certified by the central bank.
“GoTyme Bank is set to revolutionize digital banking services in the Philippines with safe and secure transactions as certified by the Bangko Sentral ng Pilipinas (BSP),” it said.
Also, the firm said that users can open an account in under 5 minutes through digital kiosks and avail of banking services and products such as bank transfers, interest savings, shopping rewards, investing, trading, and customer service.
Based on a report, GoTyme is a “joint venture” of multi-country digital banking group Tyme and members of the Gokongwei Group of companies. The firm said last year that it expects to launch in the 2nd quarter of 2022, with the venture with the Gokongwei Group, the first expansion of Tyme in Asia.
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