Gokongweis’ GoTyme Bank Gets Full Digital License
GoTyme Bank, owned by Gokongwei, has announced that Bangko Sentral ng Pilipinas (BSP) has granted it a certificate of authority to fully operate as a digital bank.
“This means that the BSP has already reviewed GoTyme Bank’s processes and infrastructure and found them to be compliant with all BSP regulations, such as the Bank Secrecy Act, Anti-Money Laundering Act , Customer Protection Law, Data Protection Law and a strong IT Risk Management Framework,” the new digital bank said in a statement Monday, August 1. The BSP approved its final-stage application on July 29 last.
GoTyme Bank has completed the third and final step of obtaining a digital banking license from the BSP. The previous steps are the procedures for applying for and issuing registration permission with the Securities and Exchange Commission.
GoTyme Bank said it will revolutionize digital banking in the Philippines “with safe and secure transactions”.
He also assures that he will implement a “high-tech-high-touch approach”, which means GoTyme Bank customers will have an account in less than five minutes. Account opening can be done through digital kiosks. Other banking products and services will be available such as 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 Gokongwei group of companies, namely Robinsons Bank, Robinsons Land Corp. and Robinsons Retail Holdings.
There are now four of the six digital banks approved or granted by the BSP.
Besides GoTyme Bank, Tonik Digital Bank of Singapore, Maya Bank of PLDT Group and UnionDigital of Union Bank of the Philippines are now able to start their full operations as digital banks in the country.
Meanwhile, Land Bank of the Philippines’ Overseas Filipino Bank (OF Bank), although it has started business operations, has yet to meet licensing requirements. Singapore’s UNObank also failed to complete the third and final stage before the operation.
The BSP granted six digital banking licenses in 2021 before closing the application window for two years or until 2023.
Digital banks, unlike physical banks, do not have physical branches, but BSP requires such banks to open an office in Metro Manila.
Financial products and services of digital banks are processed end-to-end through a digital platform or electronic channel. They also offer traditional savings and term deposit accounts through mobile-friendly lending and investment facilities. These banks also provide “quick and easy access” to low-interest business loans or unsecured lines of credit for micro, small and medium enterprises.
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