With almost a year of waiting after acquiring a digital banking license from the Banko Sentral ng Pilipinas (BSP), the joint venture between the Gokongwei Group and Singapore-based Tyme, GOtyme, finally receives a nod and the Certificate of Authority from the central bank to fully operate in the Philippines.
The digital bank received the certificate, the third and final stage involved in establishing a digital bank in the country, last July 29.
“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,” GoTyme wrote in a statement.
The digital bank received its license in August last year, and is the fifth applicant to be granted by the central bank a go signal. According to the BSP, digital banks are a new bank category separate from existing bank categories. It is a type of bank where banking services are delivered over the internet. (Read more: Gokongwei-backed GOtyme Secures Digital Bank License)
Once operating, GoTyme promises to “to revolutionize digital banking services in the Philippines with safe and secure transactions as certified by the central bank.”
Further, the digital bank noted that their 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. It also offers other banking products and services such as bank transfers, shopping rewards, interest savings, trading, investing and customer service.
Last month, UnionDigital, the digital banking arm of the Aboitiz-led Union Bank of the Philippines, also began its operations. (Read more: UnionDigital Gets BSP Approval to Start Operations)
There are currently six licensed digital banks in the country, the other four are; Overseas Filipino Bank of Land Bank of the Philippines; Tonik Bank of Singapore; UNObank of Singapore; and Maya Bank, owned by PayMaya of PLDT Inc.
This article is published on BitPinas: GoTyme Receives BSP Go Signal to start Digital Bank Operations
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