The Bangko Sentral ng Pilipinas (BSP) has approved GOtyme’s application to operate a digital bank, making it the latest entity to secure the go ahead from the regulator as it prepares to make financial services accessible to all Filipino consumers.
This latest addition of GOtyme in the roster of companies given the clearance to run a digital bank exemplifies BSP’s commitment to achieve its goal to bring 70 percent of Filipino adults into the banked population and have 50 percent of payments done online by 2023.
GOtyme is a partnership between the Gokongwei Group, one of the biggest conglomerates in the Philippines, and the Singapore-headquartered digital banking group Tyme.
This venture combinesthe trusted Gokongwei brand,reputation,and multi-industry operations with Tyme’s globally proven digital banking technology and hands on experienceto add an exciting new player to the Philippines’banking community.
“GOtyme will leverage the Gokongwei Group’s extensive eco-system that is highly integrated into the daily lives of Filipinos – where they already shop, eat and spend family time,” said Jojo Malolos, President & CEO of GOtyme.
