Qualifying Banks

A bank will qualify for membership if it wishes to:

  • Acquire the capability of processing FIAT currencies and Gold Units (”GU”) as payment mechanisms;
  • Promote the extension of payments using the GGMF BaaS platform and gold backed monetary units;
  • Utilise a merchant card application for the processing of both FIAT currencies and GU.
  • Avail itself of financial assistance/support where the bank is:
    • technically insolvent;
    • in breach of their reserve ratios; or,
    • have been required to account for large losses in government bonds under the “mark to market” accounting rules and consequently require financial assistance to avoid a bank failure.

NOTE: The qualifying bank will be required to:

  • Join the PAGB as a member;
  • Utilise the new GGMF Banking as a Service (“BaaS“) platform;
  • Implement an Employee Share Ownership Plan (“ESOP“);
  • Provide GGMF or its nominee with a BIN Sponsorship Agreement;
  • Appoint two (2) members to the board as nominated by GGMF; and,
  • Allocate the shares issued for the Financial Assistance/Support to the Philippine Peoples’ Trust for the benefit of all the Filippino people of the Philippines.