GoTyme scores Certificate of Authority from BSP

Gokongwei-backed GoTyme Bank has secured the necessary license from the Bangko Sentral ng Pilipinas (BSP) to operate as a digital bank, completing the final stage in establishing operations in the country.

The lender said the central bank awarded its Certificate of Authority (COA) last Friday, July 29, after a review of its processes and infrastructure.

The COA issuance is the third and final stage in putting up a digital bank in the country, indicating that the lender is compliant with regulations involving the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, and Data Protection Act.

“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 in an emailed statement.

The firm said users can open an account in under five minutes through digital kiosks and avail of banking products and services such as bank transfers, shopping rewards, interest savings, trading, investing, and customer service.

GoTyme is a joint venture of multi-country digital banking group Tyme and members of the Gokongwei Group of companies including Robinsons Bank, Robinsons Land Corp., and Robinsons Retail Holdings Inc.

The digital bank will be led by president and chief executive officer Jojo Malolos with Nate Clarke — one of Tyme’s founding team members — as co-CEO.

The lender earlier said it expects to launch in the second quarter of 2022, with the venture with the Gokongwei Group, the first expansion of Tyme in Asia.—AOL, GMA News