Gokongweis’ GoTyme Bank gets full digital license

Published August 1, 2022, 4:01 PM

by Lee C. Chipongian

Gokongwei-owned GoTyme Bank announced the Bangko Sentral ng Pilipinas (BSP) has granted it a Certificate of Authority to fully operate as a digital bank.

“This signifies that the BSP has already reviewed GoTyme Bank’s processes and infrastructure and deemed them compliant with all of BSP’s regulations, such as the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, Data Protection Act and a robust IT Risk Management Framework,” the new digital bank said in a statement Monday, Aug. 1. The BSP approved its final stage application last July 29.

GoTyme Bank

GoTyme Bank has passed the third and final stage involved in securing a digital bank license from the BSP. The previous stages are the application procedures and issuance of authority to register with the Securities and Exchange Commission.

GoTyme Bank said it will revolutionize digital banking services in the Philippines “with safe and secure transactions”.

It is likewise ensuring that it will implement “high-tech-high touch approach” which means GoTyme Bank clients 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 six digital banks approved or granted Certificates of Authority by the BSP.

Besides GoTyme Bank, Tonik Digital Bank of Singapore, PLDT Group’s Maya Bank and UnionDigital of Union Bank of the Philippines are now able to start their full operations as the country’s digital banks.

Meanwhile, Land Bank of the Philippines’ Overseas Filipino Bank (OF Bank), while it has started commercial operations, has yet to complete the licensing requirements. UNObank of Singapore has also not finished the third and last stage before operation.

The BSP has granted six digital bank licenses in 2021 before closing the application window for two years or until 2023.

Digital banks, unlike brick and mortar banks, have no physical branches, but BSP requires these banks to set up one office in Metro Manila.

Digital banks’ financial products and services are processed end-to-end through a digital platform or electronic channel. They also offer traditional savings and time deposit accounts through mobile-friendly lending and investment facilities. These banks likewise offer “quick and easy access” to low interest corporate loans or unsecured credit lines for micro, small and medium enterprises.

 
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