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.
Besides the Gokongweis, GOtyme also counts as partner the Singapore-headquartered digital banking group Tyme, the company said.
Digital banks are financial institutions without physical branches and are regulated under the BSP's newly launched digital banking framework.
“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.
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
“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.
GOtyme is expected to launch in the second quarter of 2022.
The BSP has granted digital banking licenses to LandBank's Overseas Filipino Bank (OF Bank), Tonik Bank and UnoBank.
CIMB Bank and ING Philippines also offer all digital banking services.