GoTyme Bank is a Filipino

direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, mobile app, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct ...

and a subsidiary of the Gokongwei Group.

History

The creation of GoTyme Bank was planned in 2021 by the Gokongwei Group as a joint venture with

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...

n-owned

TymeBank TymeBank is a South African digital bank aimed at the lower income market. Headquartered in Rosebank, Johannesburg, TymeBank does not have any physical bank branches and relies on an Android banking App, and Internet Banking site and a partners ...

. The Gokongwei Group secured a certification to operate a digital bank from the

Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...

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 Lance Yu Gokongwei (born 23 November 1966) is a Filipino businessman. He is the President and CEO of JG Summit Holdings, Inc. since 2018. Gokongwei is the only son of businessman John Gokongwei Jr. He and his siblings are listed among the rich ...

stated that the Ayala-owned

Bank of the Philippine Islands The Bank of the Philippine Islands ('';'' '','' commonly known as BPI; ) is a universal bank in the Philippines. It is the oldest bank in both the Philippines and Southeast Asia. It is the fourth largest bank in terms of assets, the second lar ...

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 The Department of Information and Communications Technology (DICT) () is the Executive departments of the Philippines, executive department of the Government of the Philippines, Philippine government responsible for the planning, development a ...

’s CICC Director Alexander K. Ramos at the National Cybercrime Hub in

Bonifacio Global City Bonifacio Global City, also known as BGC, Global City, or The Fort, is a 240-hectare mixed-use estate and central business district located in Fort Bonifacio, Taguig, Philippines. It is the home of the Philippine Stock Exchange, the national ...

. It's “Whole-of-Society” approach aims to fight financial

fraud In law, fraud is intent (law), intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate Civil law (common law), civil law (e.g., a fraud victim may sue the fraud perpetrato ...

, including

cyberattack A cyberattack (or cyber attack) occurs when there is an unauthorized action against computer infrastructure that compromises the confidentiality, integrity, or availability of its content. The rising dependence on increasingly complex and inte ...

e-commerce E-commerce (electronic commerce) refers to commercial activities including the electronic buying or selling products and services which are conducted on online platforms or over the Internet. E-commerce draws on technologies such as mobile co ...

transactions, in collaboration with Scam Watch Pilipinas.

References

External links

* Banks established in 2022 JG Summit Holdings subsidiaries Banks of the Philippines Online banks Neobanks {{Philippines-company-stub

History

See also

References

External links