Digital bank GoTyme launched

MANILA, Philippines — The Gokongwei Group and Singapore-based Tyme launched GoTyme in the Philippines to provide a better choice for the digital banking service needs of the Filipinos.

JG Summit Holdings Inc. president and CEO Lance Gokongwei said Gokongwei Group and Tyme are all set to disrupt the industry and make GoTyme Bank the ‘better choice’ that will provide greater financial empowerment for Filipinos.

“The mission of GoTyme Bank to unlock every Filipino’s financial potential presents another great opportunity for us at the Gokongwei Group to deliver on our purpose, which is an unrelenting commitment to provide our customers with better choices, creating shared success with our stakeholders,” Gokongwei said.

“At the heart of this meaningful breakthrough is our deep commitment to improve the lives of our fellowmen, and to ultimately help bring forth a more prosperous society,” Gokongwei added.

By leveraging the Gokongwei Group’s extensive ecosystem, GoTyme Bank will be able to provide Filipinos with greater access to high-quality banking products.

The bank’s digital kiosks are deployed across the group’s retail and real estate footprint, which is highly integrated into the daily lives of Filipinos. This democratizes the delivery of financial services to address the needs of all Filipinos regardless of age, income, or geography.

GoTyme Bank combines a high-tech with a high-touch approach to bring financial solutions closer to more Filipinos.

The GoTyme Bank “phygital” model, which combines physical touchpoints such as kiosks and bank ambassadors with secure digital transactions will help more Filipinos reach their full financial potential.

The last 10 years has seen an acceleration in fintech with digital banks and e-wallets, and the COVID-19 pandemic has accelerated the adoption of digital payments.

While many Filipinos have become comfortable with access to fintech through basic accounts and cashless payments, there are still many financial solutions in the digital space that remains untapped in the local market.

GoTyme Bank president and CEO, Nate Clarke said that the digital bank’s next-level banking experience will be able to address gaps in Filipino financial services.

“Less than three percent of Filipinos have access to affordable credit, such as a credit card. Which means they are often paying 10 to 20 percent per month for their short term borrowing needs,” Clarke said.

Likewise, Clarke added that less than three percent of Filipinos have access to insurance and less than three percent of Filipinos have access to high yield investments, such as stock and equities.

According to Clarke, Filipinos have unmet financial needs.

“Every year millions of smart, employed Filipinos fall short of their potential because they do not have access to high-quality banking products. Through GoTyme Bank, we are here to unlock the financial potential of all Filipinos,” Clarke said.

GoTyme Bank Co-CEO and chief commercial officer Albert Tinio said that customers would enjoy the convenience of having accessible touchpoints.

“At GoTyme we thought that going digital does not mean losing our human touch. In fact, it became our call out, to be digital and physical at the same time, phygital so to speak. To keep the human connection always, GoTyme Bank will have kiosks that are strategically located across the Robinsons ecosystem. With our next-level customer service, these kiosks will always have a bank ambassador to guide you through the process. Using kiosks, we aim to solve access and extend reach. By deploying kiosks to Robinsons retail stores and malls, you can now create an account where you shop, eat and relax,” Tinio said

The GoTyme Bank debit card allows clients to make transactions 24/7 from local and international ATMs. For further convenience, one can also deposit and withdraw for free at Robinsons-affiliated retail outlets. There are already 15 kiosks in select Robinsons supermarkets that are ready to serve customers, with more locations set to open in the coming weeks.