GOtyme had secured its digital banking license from BSP
Gokongwei Group-backed digital bank GOTyme had recently secured a license to operate from the Bangko Sentral ng Pilipinas (BSP).
GOtyme was a partnership between Singapore’s headquartered digital banking group Tyme and the conglomerate Gokongwei Group.
In a statement, GOTyme said that its addition to the roster of companies given the clearance to run a digital bank exemplified Bangko Sentral ng Pilipinas’ commitment to achieving its goal to bring 70 percent of Filipino adults into the banked population and have 50 percent of payments done online by 2023.
GOtyme President and CEO Jojo Malolos said that GOtyme will leverage the Gokongwei Group’s extensive ecosystem that was highly integrated into the daily lives of Filipinos, adding that the distribution strategy will assist in the democratization of financial services, addressing the needs of all Filipinos regardless of income, age, or geography.
READ ALSO: Puzzle Enthusiast Maki Kaji, “Godfather of Sudoku”, Dead At 69
GOTyme also said that Malolos will lead the digital bank with Nate Clarke as the co-CEO of the digital bank. Clarke was one of Tyme’s founding team members.
The digital bank also said that it will provide easy and secure onboarding of clients through both an app and digital kiosks conveniently located throughout the mall and retail footprint of the Gokongwei group.
GOtyme also said that the digital bank was expected to launch in the second quarter of 2022.
“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 JG Summit Holdings, Inc. President and CEO Lance Y. Gokongwei.
Tyme executive chairman Coen Jonker said that the venture with the Gokongwei group was its first expansion in Asia. According to Jonker, with TymeBank’s more than 3.5 million customers since its launch last 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”.
Jonker added that they’re grateful for the trust shown by the Bangko Sentral ng Pilipinas in their license application and they looked forward to getting to know and serving the people of the Philippines as they launched GOtyme.
For more news and updates, you may feel free to visit this site more often. You may also visit Newspapers.ph via our official Facebook page and YouTube channel.
