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Gokongwei-backed digital bank GOtyme gets BSP license

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ABS-CBN News

<p>MANILA - GOtyme, a digital bank backed by the Gokongwei Group, has secured its license to operate from the Bangko Sentral ng Pilipinas, the company announced on Monday. </p><p>Besides the Gokongweis, GOtyme also counts as partner the Singapore-headquartered digital banking group Tyme, the company said. </p><p>Digital banks are financial institutions without physical branches and are regulated under the BSP&#x27;s newly launched digital banking framework. </p><p>“GOtyme will leverage the Gokongwei Group’s extensive ecosystem that is highly integrated into the daily lives of Filipinos — where they already shop, eat and spend family time,” said Jojo Malolos, president and CEO of GOtyme. </p><p>The new digital bank said it will provide secure and easy onboarding through both an app and digital kiosks in malls and other retail establishments of the Gokongwei group</p><p>“We believe the combination of this technology and the Gokongwei Group’s nationwide retail footprint provides GOtyme a clear path to rapid growth,” said Nate Clarke, GOtyme’s co-CEO. </p><p>GOtyme is expected to launch in the second quarter of 2022. </p><p>The BSP has granted digital banking licenses to LandBank&#x27;s Overseas Filipino Bank (OF Bank), Tonik Bank and UnoBank. </p><p>CIMB Bank and ING Philippines also offer all digital banking services.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/27/20/fintech-players-welcome-new-digital-banking-framework-as-consumers-move-to-virtual-realm">Fintech players welcome new digital banking framework as consumers move to virtual realm</a></li>	<li><a href="https://news.abs-cbn.com/business/06/09/21/unobank-launch-soon-philippines-digital-bank">UNObank eyes launch in PH after securing digital bank license</a></li>	<li><a href="https://news.abs-cbn.com/business/06/07/21/tonik-secures-digital-bank-license-bsp">Neobank Tonik secures digital bank license from Bangko Sentral ng Pilipinas</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1749163" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

GOtyme, a digital bank backed by the Gokongwei Group, has secured its license to operate from the Bangko Sentral ng Pilipinas, the company announced on Monday. 