Ashurst advises on the establishment of one of the Philippines' first digital banks

The Philippines has a significant unbanked population and its central bank approved a new framework for establishing and licensing digital banks in November 2020. Ashurst have since then been working with Tyme, continuing the relationship in 2018 where we helped established TymeGlobal as a JV to focus on digital banking in Asia. 

Ashurst reviewed the proposed business structure and assisted with the JV agreements to ensure the commercial and regulatory requirements of the new business are reflected. Tyme will contribute its intellectual property and expertise in digital banking business to the JV, including technology provision and design support, while JG Group members will leverage its local banking and retail networks to help to facilitate the business. As one of the Philippines' first digital bank, the JV will set an example for other potential market entrants in offering innovative financial services to the market.

The Ashurst team was led by partner Joshua Cole, supported by counsel Hoi Tak Leung and associates Lisette Chan and Jessica Leung.