Kul Bhushan · · 1 min readGoTyme Bank gets go signal to set up Philippine digital bank
GoTyme Bank has received a “certificate of authority” from the Philippines’ central bank, which marks the final stage of clearance for the firm to operate as a digital bank in the country.
Photo credit: GoTyme Bank
GoTyme Bank is a joint venture between Tyme, a Singapore-headquartered digital banking group, and the Gokongwei Group, a Philippine-based conglomerate.
In 2021, the central bank granted licenses to six entities to open digital banks in the country. Including GoTyme, four entities have received the final go signal. These other firms are Tonik Digital Bank of Singapore, PLDT Group’s Maya Bank, and UnionDigital of Union Bank of the Philippines.
“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),” the bank said in a statement.
Digital banks don’t need to have physical branches, unlike conventional banks. The BSP, however, has asked these entities to set up one office in Metro Manila.
See also: Is Vietnam late to Southeast Asia’s digital banking party?
Editing by Miguel Cordon and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
