Ashurst represented Tyme on the transaction.
Tyme, a global digital banking group, established a joint venture with JG Group, one of the largest conglomerates in the Philippines, to create one of the first digital banks and potentially the first foreign invested joint venture in the digital banking business in the country.
The Philippines has a significant unbanked population and its central bank approved a new framework for establishing and licensing digital banks in November 2020.
The Ashurst team was led by partner Joshua Cole (Picture), supported by counsel Hoi Tak Leung and associates Lisette Chan and Jessica Leung.
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