The Gokongwei Group and its Singapore-based banking partner secured a license for GOtyme, their digital banking venture.
GOtyme is the fifth digital bank to get a go signal from the Bangko Sentral ng Pilipinas (BSP), as the coronavirus pandemic accelerates the digital shift.
The BSP aims for at least 50% of payments to be done online and 70% of the adult population to have digital accounts.
“GOtyme will bring about better financial inclusion for a greater majority of the Filipinos from day one,” said Lance Gokongwei, JG Summit president and chief executive officer.
“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.”
GOtyme is expected to launch in the second quarter of 2022. It is set to have a smartphone app and digital kiosks located in malls and retail outlets of the Gokongwei Group.
The Philippines is the first country where the Tyme group first expanded. It launched in South Africa in 2019 and has 3.5 million customers.
“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 Nate Clarke, GOtyme co-CEO. – Rappler.com