Gokongwei-backed GOtyme gets BSP digital banking license

Gokongwei Group-backed digital bank GOTyme has secured a license to operate from the Bangko Sentral ng Pilipinas (BSP).

In a statement, GOTyme said its addition in the roster of companies given the clearance to run a digital bank exemplifies BSP’s commitment to achieve its goal to bring 70% of Filipino adults into the banked population and have 50% of payments done online by 2023. 

GOtyme is a partnership between the conglomerate Gokongwei Group and the Singapore headquartered digital banking group Tyme. 

“GOtyme will leverage the Gokongwei Group’s extensive ecosystem that is highly integrated into the daily lives of Filipinos — where they already shop, eat and spend family time,” said Jojo Malolos, president and 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,” Malolos said.

GOTyme said Malolos will lead the digital bank with Nate Clarke as co-CEO. Clarke is one of Tyme’s founding team members.  

The digital bank said it will provide secure and easy onboarding of clients through both an app and digital kiosks conveniently located throughout the mall and retail footprint of the Gokongwei group. 

“We believe the combination of this technology and the Gokongwei Group’s nationwide retail footprint provides GOtyme a clear path to rapid growth,” Clarke said.

GOtyme said it is 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, said Lance Y. Gokongwei, president and CEO of JG Summit Holdings, Inc., one of the holding firms in the Gokongwei Group of companies.

"What Cebu Pacific has done for travel is what we plan for GOtyme to deliver in financial services,” he added.

Coen Jonker, executive chairman of Tyme, said the venture with the Gokongwei group is its first expansion in 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," Jonker said.

"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," he added.—LDF, GMA News