The Bangko Sentral ng Pilipinas (BSP) has awarded GoTyme Bank its Certificate of Authority to operate as a digital bank.
This signifies that the BSP has already reviewed GoTyme Bank’s processes and infrastructure and deemed them compliant with all of BSP’s regulations including the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, Data Protection Act, and a robust IT Risk Management Framework.
The issuance of a COA is the third and final stage involved in establishing a digital bank in the country. The other two stages are filing an application for the Authority to Establish a Digital Bank with the Monetary Board (MB) and the Issuance of the Authority to Register with the Securities and Exchange Commission.
With a high-tech-high touch approach, GoTyme Bank clients can open an account in under five minutes through digital kiosks and avail of banking products and services such as better bank transfers, shopping rewards, interest savings, trading, investing, and customer service.
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