Gokongwei-backed GOtyme secures digital banking license from BSP
GOtyme, a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme, has been granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP). This makes GOtyme the fifth neobank or digital-only bank to receive approval after the Overseas Filipino (OF) Bank of Land Bank of the Philippines, Tonik Digital Bank, Singapore-based UnoBank, and Union Bank of the Philippines’ (UBP) UnionDigital.
The partnership between the Gokongwei Group and Tyme combines the former’s reputation and multi-industry operations and the latter’s globally proven digital banking technology into GOtyme, which is expected to be an exciting new player to the Philippines’ banking community.
“GOtyme will leverage the Gokongwei Group’s extensive eco-system that is highly integrated into the daily lives of Filipinos — where they already shop, eat and spend family time. This distribution strategy will assist in the democratization of financial services, addressing the needs of all Filipinos regardless of age, income, or geography,” said Jojo Malolos, President & CEO of GOtyme. Malolos will be leading GOtyme together with Nate Clarke, one of Tyme’s founding team members.
The latest entity to secure a digital banking license in the country vows to provide secure and easy onboarding 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 stated.
The latest addition of GOtyme in the roster of companies to secure a digital banking license in the Philippines BSP’s commitment to expanding the financially included to 70% of Filipino adults and have 50% of payments done online by 2023.
“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 Gokongwei, president and CEO of JG Summit Holdings Inc., one of the holding firm in the Gokongwei Group of companies.
GOtyme is expected to launch in the second quarter of 2022.
The Gokongwei Group is one of the biggest conglomerates in the Philippines with business interests in food manufacturing, air transportation, real estate and property development, banking, and retail. It is composed of JG Summit Holdings, Robinsons Retail Holdings, and the Summit Media Group.
Meanwhile, launched in 2018 in South Africa, Tyme or “Take your money everywhere” is a multi-country digital banking group focused on bridging the digital divide in emerging markets.
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