GoTyme Bank gets nod to fully operate as digital bank in the Philippines

Manila Bay, Manila, Philippines. Photo: Eugenio Pastoral/unsplash

GoTyme Bank, a joint venture of conglomerate JG Summit Holdings and South Africa’s Tyme, announced that it has secured a certificate of authority for the Bangko Sentral ng Pilipinas (BSP) to fully operate as a digital bank.

The lender said the central bank awarded its Certificate of Authority (COA) last July 29, completing the third and final stage involved in securing a digital license.

The other stages are the application procedures and issuance of authority to register with the Securities and Exchange Commission.

The new digital bank said the issuance of COA signifies that the BSP has already reviewed GoTyme Bank’s processes and infrastructure and deemed them compliant with all of BSP’s regulations.

“GoTyme Bank is set to revolutionize digital banking services in the Philippines with safe and secure transactions as certified by the BSP,” GoTyme said.

It also ensures that it will implement “high-tech-high-touch approach” which means GoTyme Bank clients will have an account in less than five minutes.

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.

GoTyme is one of the six digital banks that received licence in the Philippines. Digital banks in the country have a three-year window to operate after they get the licence, according to the BSP.

Recently, there has been a big rush for digital banking licences in the Philippines, drawn by the country’s 45 million underbanked adult population.

The first bank to obtain the licence was Overseas Filipino Bank, a subsidiary of the state-owned Land Bank of the Philippines.

The others that have secured digital banking licences are Tonik Digital Bank Inc (Philippines), whose holding company is Singapore-based Tonik Financial Pte Ltd; UNObank, UNObank, which is backed by Singapore-based fintech company DigibankASIA Pte LtdUNObank, which is backed by Singapore-based fintech company DigibankASIA Pte Ltd; and Aboitiz-led Union Digital Bank.

On Monday, UNOAsia, the Singapore-based incorporator of UNO Digital Bank (UNObank) in the Philippines, announced that it secured $11 million in a pre-Series A funding round led by Kuala Lumpur-based private equity firm Creator.

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