MANILA, Philippines — GoTyme Bank, the joint venture between the Gokongwei Group and Singapore-based digital bank Tyme, is launching additional digital financial services to address the needs of customers.
GoTyme Bank CEO Nathaniel Clarke said the digital bank is rolling out GoTyme app’s bills payment and QR (quick response) payment feature soon.
“Now more than ever, people scan QR codes for everything, and they pay their bills and purchases from just about anywhere. At this crucial time where people are in the search for an efficient and trustworthy Bills Payment and QR payment app that will not fail them, GoTyme Bank is poised to launch these very crucial features sooner rather than later,” Clarke said.
According to GoTyme, it’s not a common practice for a financial service organization in the country to be so in touch with its clientele – so much so that it becomes willing to hear their customers’ needs even before thinking of launching them.
“That’s exactly what the market is looking for. As the guardians of our clients’ well-earned savings, banking institutions and financial apps simply cannot afford to disappoint the people that entrust their money to them,” Clarke said.
GoTyme Bank makes sure that it is in step with what customer’s need rather than to ask them directly what their needs are and how the digital bank can make the GoTyme app even better.
The bank recently hit a milestone reaching 500,000 GoTyme accounts.
Last March, GoTyme Bank raised the annual savings interest rate of Go Save to five percent from three percent when it was launched in October last year, as it targets a 10-fold increase in its deposit base.
“Our five percent simple savings is another big step by GoTyme to deliver on its promise to offer next-level banking that unlocks the financial potential of all Filipinos,” Clarke said.
Clarke said the increase in interest rate to five percent would significantly accelerate new customer onboarding that has reached 340,000 since the launch five months ago.
“We are targeting five million customers in three years and 10 million in five years. We have been overwhelmed, in a good way, because demand has exceeded our expectations. Our 340,000 in the first five months is well above our expectations,” Clarke said.
GoTyme Bank is a joint venture of the Gokongwei Group of companies, namely Robinsons Bank, Robinsons Land Corp., and Robinsons Retail Holdings Inc., as well as multi-country digital banking group Tyme.
Aside from GoTyme, the BSP has awarded digital banking licenses to Overseas Filipino Bank owned by state-run Land Bank of the Philippines, Tonik Bank, PLDT Group’s Maya Bank, UnionDigital Bank of Aboitiz-led Union Bank of the Philippines, and UNO Digital Bank.