|
GoTyme Bank
GoTyme Bank is a Filipino direct bank and a subsidiary of the JG Summit Holdings, Gokongwei Group. History The creation of GoTyme Bank was planned in 2021 by the Gokongwei Group as a joint venture with South African-owned TymeBank. The Gokongwei Group secured a certification to operate a digital bank from the Bangko Sentral ng Pilipinas in 2022. On October 20, 2022, GoTyme Bank was formally launched. As the Gokongwei Group owned Robinsons Bank when it launched, JG Summit President Lance Gokongwei stated that the Ayala Corporation, Ayala-owned Bank of the Philippine Islands will be GoTyme Bank's shareholder once BPI's merger with Robinsons Bank is completed, which took effect on January 1, 2024. However, on March 22, 2024, BPI announced that it will divest its stake in GoTyme, citing a "potential conflict of interest". On May 22, 2024, GoTyme's CEO Albert Raymund O. Tinio signed a memorandum of understanding with the Department of Information and Communications Technology’s CIC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Banks In The Philippines
Digital banks in the Philippines are a new Bank#Different_types_of_banking, formal category of banks which were only approved by the Bangko Sentral ng Pilipinas (BSP), the country's central bank, in 2020. The first such banks launched in the Philippines were Tonik, Overseas Filipino Bank, and UnionDigital of UnionBank of the Philippines. Several more banks were approved by the BSP before 2021, when it announced that it would stop approving the establishment of further digital banks for three years, in order to strengthen the industry and assure healthy competition among its players. Background Digital banking and financial technology have been one of the most rapidly growing industries in Asia, seeing large success in countries such as South Korea, China, and Japan. In Southeast Asia, Singapore is at the top of the digital banking industry, with the Philippines only recently following suit when the need for digital transactions rose during the COVID-19 pandemic in 2020. A rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
