GoTyme secure licence to operate as digital bank in the Philippines

GoTyme Bank has secured the necessary licence from the Bangko Sentral ng Pilipinas (BSP) to operate as a digital bank, completing the final stage in establishing operations in the country. The Gokongwei-backed lender said the BSP awarded its Certificate of Authority (COA) on July 29, the third and final stage in putting up a digital bank in the country. It also indicates that the lender is compliant with regulations involving the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, and Data Protection Act. GoTyme is a joint venture of multi-country digital banking group Tyme and members of the Gokongwei Group of companies including Robinsons Bank, Robinsons Land Corp., and Robinsons Retail Holdings Inc. 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.