The Gokongwei group and Tyme of South Africa have officially launched GOTyme Bank, the newest digital bank in the country.
JG Summit President and Chief Executive Officer (CEO) Lance Gokongwei, Robinsons Retail Holdings CEO Robina Gokongwei-Pe, and South Africa's Ambassador to the Philippines BN Radebe-Netshitenzhe were among the VIPs present at the grand launch held last October 20, 2022, at Whitespace Events Place in Makati City.
Also in attendance at the event were GOTyme Bank's key executives: President and CEO Nate Clarke, Co-CEO and Chief Commercial Officer Albert Tinio, Head of Brand Marketing and Growth Raymund Villanueva, and Chief Product Officer Daniel Stacey.
At the launch, President and CEO Nate Clarke said GOTyme Bank aims to provide world-class digital banking solutions to Filipinos' unmet financial needs.
He said, "Less than 3% of Filipinos have access to affordable credit, such as a credit card. Which means they are often paying 10-20% per month for their short-term borrowing needs.
"Less than 3% of Filipinos have access to insurance and less than 3% of Filipinos have access to high yield investments, such as stock and equities."
The bank executive added, "Every year, millions of smart, employed Filipinos fall short of their potential because they do not have access to high-quality banking products.
"Through GoTyme Bank, we are here to unlock the financial potential of all Filipinos.”
GOTyme Bank can easily be accessed through mobile apps available at the Apple App Store and Google Play Store.
This digital bank offers a 3% interest rate for savings, and other benefits for shopping and sending money.
Aside from these, GOTyme Bank takes pride in its "phygital" model. This combines physical touchpoints, such as kiosks and bank ambassadors, with secure digital transactions to help more Filipinos reach their full financial potential.
GOTyme's Co-CEO and Chief Commercial Officer Albert Tinio revealed they have already deployed 15 kiosks at Robinsons retail stores and malls around Metro Manila, and more will be deployed in the coming months.
The kiosks allow customers to easily create an account and get a physical GOTyme debit card.
Albert said, "These kiosks will always have a bank ambassador to guide you through the process. Using kiosks, we aim to solve access and extend reach.
"By deploying kiosks to Robinsons retail stores and malls, you can now create an account where you shop, eat and relax."
GOTyme's physical debit card is free and can be used worldwide.
NEXT-LEVEL DIGITAL BANKING EXPERIENCE
In a statement, JG Summit President and CEO Lance Gokongwei said the aim of GOTyme Bank is to provide better access to basic and next-level digital banking services, and also democratize financial services in the country.
He said, "The mission of GoTyme Bank to unlock every Filipino’s financial potential presents another great opportunity for us at the Gokongwei Group to deliver on our purpose, which is ‘an unrelenting commitment to provide our customers with better choices, creating shared success with our stakeholders.’
"Together with our partner Tyme Group, we are all set to disrupt the industry and make GoTyme Bank the ‘better choice’ that will provide greater financial empowerment for Filipinos.
"At the heart of this meaningful breakthrough is our deep commitment to improve the lives of our fellowmen, and to ultimately help bring forth a more prosperous society."
In an interview at the launch, Lance confirmed that the Ayala-owned Bank of the Philippine Islands (BPI) will also become a shareholder of GOTyme once the merger of BPI and Robinsons Bank is completed.
"Robinsons Bank is one of the main shareholders of GoTyme, together with Robinsons Retail Holdings and Robinsons Land. And upon the merger of Robinsons Bank with BPI, then BPI will become a shareholder of GoTyme as well."