GOTyme will be jointly headed by Jojo Malolos and Nate Clarke. Credit: mohamed Hassan from Pixabay.

Singapore-headquartered digital banking group Tyme and Gokongwei Group’s partnership GOtyme has obtained a licence to operate as a digital bank in the Philippines.

GOtyme is said to be the fifth digital bank to obtain a licence in the country. It is expected to go live in the second quarter of 2022.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It plans to onboard customers both via an app and digital kiosks located in the malls and retail outlets of the Gokongwei group.

GOTyme will be jointly headed by Jojo Malolos and Nate Clarke, who is one of Tyme’s founding team members.

Clarke said: “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.”

This latest news follows TymeBank’s $110m Series B funding round in February this year.

The lender noted that the Philippines is Tyme’s first expansion into Asia.

In June this year, Singapore’s DigibankASIA secured a digital banking licence in the Philippines.

The boost to digital banks aligns with the Philippines central bank’s aim to bring 70% of Filipino adults into the banked population and have 50% of payments done online by 2023.

JG Summit Holdings president and CEO Lance Gokongwei said: “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.”

JG Summit is one of the holding firm in the Gokongwei Group of companies.