GOtyme, a partnership between the Gokongwei Group and the Singapore-based digital banking group Tyme, has secured its digital banking license from the Bangko Sentral ng Pilipinas.
GOtyme thus becomes only the 5th neobank (or digital-only bank) to secure the go-ahead from the regulator as it bids to make financial services accessible to all Filipino consumers, in tune with the BSP’s goal of bringing 70% of Filipino adults into the banked population and having 50% of all payments — both in volume and value — done online by 2023.
The new digital banking venture combines the trusted Gokongwei brand, reputation, and multi-industry operations with Tyme’s globally proven digital banking technology and hands-on experience to introduce an exciting new player to the Philippines’ banking community.
“GOtyme will leverage the Gokongwei Group’s extensive eco-system that is highly integrated into the daily lives of Filipinos — where they already shop, eat, and spend family time,” said Jojo Malolos, president and co-CEO of GOtyme. “This distribution strategy will assist in the democratization of financial services, addressing the needs of all Filipinos regardless of age, income, or geography.”
Expected to launch in the second quarter of 2022, GOtyme will be jointly led by Malolos and Nate Clarke, one of Tyme’s founding team members.
The country’s newest digital banking player will provide secure and easy onboarding through both an app and digital kiosks conveniently located throughout the mall and retail footprint of the Gokongwei Group. “In South Africa, 3 million of our 3.5 million customers joined TymeBank through our digital kiosks deployed in retail environments. We believe the combination of this technology and the Gokongwei Group’s nationwide retail footprint provides GOtyme a clear path to rapid growth,” said GOtyme co-CEO Clarke.
“GOtyme will bring about better financial inclusion for a greater majority of the Filipinos from Day One. We see our model of digital banking, with onboarding and education in retail networks and a well-designed app for transacting, as the best way to provide greater financial empowerment to our customers. What Cebu Pacific has done for travel is what we plan for GOtyme to deliver in financial services,” said Lance Y. Gokongwei, president and chief executive officer of JG Summit Holdings, Inc., one of the main pillars of the Gokongwei Group.
Expanding on Gokongwei's comments, Malolos said that similar to how Cebu Pacific made air travel accessible to more Filipinos, he expects GOtyme to “fundamentally change financial access for all Filipinos.” Through a user-friendly app and banking kiosks in various parts of the country, GOtyme will guide consumers who may have just started on their digital journey, and “walk that path with them.” GOtyme will give previously unbanked or underserved Filipinos greater financial access, provide solutions, and enable their financial empowerment.
According to Clarke, GOtyme will launch next year with its app that will be available on several digital platforms. Building on TymeBank's successful approach in South Africa, GOtyme seeks to deliver both simplicity and transparency to its Filipino customers. Sharing Malolos' sentiments on guiding customers who are new to digital banking, Clarke champions the "high-tech, high-touch" distribution model, which will ease new customers' transition into online banking.
Coen Jonker, co-founder and executive chairman of Tyme, expressed his support for the new venture: “The Philippines is Tyme’s first expansion into Asia. With TymeBank’s over 3.5 million customers since its launch in February 2019 and highest Net Promoter Score among banks in South Africa, Tyme has a strong model and hard-won lessons to bring to the Philippines. We are grateful for the trust shown by BSP in our license application. We look forward to getting to know and serving the people of the Philippines as we launch GOtyme.”
