GoTyme Bank receives Certificate of Authority to operate by BSP

GoTyme Bank, one of the newest digital banks in the Philippines, was awarded its Certificate of Authority to operate as a digital bank by the Bangko Sentral ng Pilipinas (BSP) last July 29, 2022.

The certificate signifies that the BSP has already reviewed GoTyme Bank’s processes and infrastructure and deemed them compliant with all of BSP’s regulations including the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, Data Protection Act and a robust IT Risk Management Framework.

The issuance of a COA is the third and final stage involved in establishing a digital bank in the country. The other two stages are filing an application for the Authority to Establish a Digital Bank with the Monetary Board (MB) and the Issuance of the Authority to Register with the Securities and Exchange Commission.

GoTyme Bank aims to revolutionize digital banking services in the Philippines with safe and secure transactions as certified by the BSP. The digital bank said that its clients 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 Bank, is a joint venture of Tyme, a multi-country digital banking group, with members of the Gokongwei Group of companies, namely Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings, Inc. Check out its official Facebook page here 57.

READ: The 6 BSP-licensed digital banks in the Philippines 104

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