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.
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By GlobalDataIt 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.